With the recent downturn in the lending market, many potential borrowers find themselves in a weak position to acquire a loan for a house. Lenders are nervous to lend money to people that statistically show a higher chance of defaulting on the loan. Enter: the FHA loan. While FHA loans fell out of favor during the past boom, they are now becoming more and more popular because backing from the Federal Housing Administration protects lenders from loss.
So if you are in the market for a house but have a dinged credit history or do not have 20% to put down...ask your lender about FHA.
Read the full article here.
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