"What is a FHA mortgage, and should I worry if my loan is not one?""FHA" Stands For "Federal Housing Administration", They do mortgages that let you borrow up to 95 percent of the cost of a house if the price plus closing costs are within their guidelines. Due to high housing pricing there are not alot of these being done anymore.
FHA has set different guidelines that allow them to offer the loans they do to different types of people. Some of those rules require particular inspections to be done before the home could be offically closed. They also allow other things that your mortgage professional can tell you that makes getting an FHA loan easier.
There are many loan programs available that are just as good, if not better than FHA loans. Your mortgage professional will help you decide what loan is right for you.
