While buying a home is an exciting milestone, the financial implications of becoming a homeowner can be downright scary. Not only do you need to worry about finding the right home, but you have to save up a down payment, qualify for a mortgage, and secure a monthly payment you can afford.
Fortunately, FHA loans have been simplifying the process for new homeowners since 1934. With an FHA loan, many families have been able to secure lower start-up costs and remove many barriers that are associated with purchasing a home. When you choose an FHA loan, your down payment may be as low as 3.5 percent of the purchase price of your home. Better yet, you can use this type of loan for a single family home, a mobile home, or a property with up to four units.
If you’re interested in getting an FHA loan, you will want to make sure that you have a lender that knows how to handle the special requirements for this sort of mortgage. You want someone that has experience with the process and that knows how to handle any unique situation that might arise.
To help, we have analyzed the top FHA lenders (sorted in no particular order) by loan volume and have provided a short breakdown of their companies and customer experiences.