Moving up to a new home with little money down.
FHA mortgages are insured by the Federal Housing Administration, a federal agency within the Department of Housing and Urban Development.
FHA mortgages are government-assisted alternatives to conventional financing and are great options for those who want to put less money down or who have lower credit scores. They are popular for home purchases and for refinancing. While these mortgages do require expenses in the form of monthly mortgage insurance, they still enable many homeowners who don't qualify for conventional financing to purchase or refinance a home.