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Federal Housing Administration (FHA)
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Federal Housing Administration (FHA) - An agency of the U.S. Department of Housing and Urban Development (HUD). They mainly insure residential mortgage loans made by private lenders. They also set the standards for construction and underwriting but do not plan or construct housing nor lend money.The Federal Housing Authority insures loans mainly intended for first time home buyers. However, you need not be a first time buyer to qualify for an FHA loan. Some of the key benefits of FHA financing are relaxed credit scoring criteria, low downpayment options, and allowances made for gifts to be used for downpayment funds.