FHA mortgage loans have been helping ordinary people become homeowners since their inception in 1934. Subject to a limit of $625,500, the maximum home mortgage is currently set at 115% of the median property price in the local area. Although the loan is funded by the bank or financial institution in the same way, it is insured by the U.S. Department of Housing and Urban Development (HUD). This type of mortgage is only available for single family homes, one to four family homes, condominium units or a manufactured home that is on a permanent foundation.

FHA Mortgage Loans - Home Buying Help Through a Low Mortgage Down Payment

Due to the risk of negative equity and/or mortgage foreclosure, the majority of conventional home mortgages require a house deposit of 20%. However, a first-time house buyer can provide a mortgage down payment of just 3.5% when the loan is underwritten by HUD. This is because the risk is covered by the insurance, not the lender. The provision of a sufficient deposit is a major stumbling block so this feature is a major source of home buying help.

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