An FHA loan is a mortgage issued by federally qualified lenders and insured by the Federal Housing Administration (FHA). FHA loans are designed for low- to moderate-income borrowers who are unable to make a large down payment. FHA loans allow the borrower to borrow up to 97% of the value of the home. The 3% down payment requirement can come from a gift or a grant, which makes FHA loans popular with first-time buyers (source: Investopedia).
If you would like to learn more about FHA loans please read the following MSN Real Estate article “7 Must-Know About FHA Loans.” Bank of Montana is an FHA-approved lender, our home loan specialists look forward to visiting with you to find out if an FHA loan is right for you.
“All content provided on this blog is for informational purposes only. The owner of this blog makes no representations as to the accuracy or completeness of any information on this site or found by following any link on this site. The owner will not be liable for any errors or omissions in this information nor for the availability of this information. The owner will not be liable for any losses, injuries, or damages from the display or use of this information. Please consult an attorney in your own jurisdiction if you need legal advice. The information on this site is just meant to be a guide.”