The down payment for an FHA home loan is only 3.5%. The seller is permitted to pay a percentage of the buyer's closing costs, no reserve requirements. This means that the Federal Housing Administration does not require you to have some "extra" cash in the bank after closing. The credit score requirement is lower with an FHA mortgage than other home loans.
Are FHA home loans only for first time home buyers?
No, the FHA home loan is available to first time home buyers or home buyers who have previously owned a home.
Did you know that there are maximum loan limits with FHA mortgages? It's true.
Use the FHA mortgage calculator for the FHA loan with pmi