FHA Loan
A mortgage issued by federally qualified lenders and insured by the Federal Housing Administration (FHA). FHA loans are designed for low to moderate income borrowers who are unable to make a large down payment. FHA loans allow the borrower to borrow up to 97% of the value of the home. The 3% down payment requirement can come from a gift or a grant, which makes FHA loans popular with first-time buyers.

Investopedia Says:
In addition to traditional first mortgages, the Federal Housing Administration offers a reverse mortgage program known as a Home Equity Conversion Mortgage (HECM), which helps seniors convert the equity in their homes to cash while retaining the titles to their homes.

Related Terms:
100% Mortgage
Energy Improvement Mortgage
Fannie Mae - Federal National Mortgage Association - FNMA
Federal Home Loan Bank System - FHLB
Freddie Mac - Federal Home Loan Mortgage Corp - FHLMC
Ginnie Mae - Government National Mortgage Association - GNMA
Home Equity Conversion Mortgage - HECM
Manufactured Housing
Mortgage
VA Loan

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