Till the FHA came with the FHA loans, most Americans were excluded from the housing market. Today, there are many American families who thank FHA for providing them with housing when they were considered ineligible by other housing companies in the market. Given below are some of the features of FHA mortgages. For more details on the latest mortgage news, contact us @ fha-mortgageratesnow.com.

1. Less down payment. You do not have to pay what others are paying if you are opting for a FHA loan. All you need to pay is 3% towards down payment unlike most other companies which require you to pay at least 20% as a down payment.
2. No credit ratings required. FHA loans do not require any credit ratings to underwrite your loan.
3. If you are applying for a FHA mortgage, see to it that you have not filed for bankruptcy during the past two years.
4. If you do not have any foreclosures in the past three years, then you are eligible for a FHA loan.
5. There are no closing charges involved. The FHA ensures that it agent absorb the costs.
6. You can opt between any of the two types of mortgage loans. Namely fixed interest mortgage and the adjustable interest mortgage.
7. FHA provides a wonderful opportunity for those who are starting out fresh in life.

For further details on the various features of a FHA loan, visit fha-mortgage-retesnow.com today.