What is an FHA loan?
Rating: +0
An FHA loan is insured by the Federal Housing Administration, a federal agency within the U.S. Department of Housing and Urban Development (HUD). The FHA does not loan money to borrowers instead it provides lenders protection through mortgage insurance in case the borrower defaults on the loan. Available to all buyers, FHA loan programs are designed to help creditworthy low-income and moderate-income families who do not meet requirements for conventional loans. An FHA appraisal has more involved inspection guidelines and the appraiser must be on the HUD approved appraiser list - as all of Cornerstone Appraisers are.
