Without a doubt, the FHA loan is one of the most popular mortgage programs among first time home buyers. The reasons for this are quite simple. FHA has a low down payment requirement, they have forgiving credit requirements, and their rates are just as good as conventional loans.

With all of these great advantages, people who are considering an FHA loan need to be aware of a few of the basic requirements. This will help people decide if an FHA loan is right for their circumstances.