FHA Mortgage

The best part about an FHA loan is the low down payment. The down payment can be as low as 2% however do remember you will pay steep premium mortgage insurance. FHA loans are also assumable so you can take over form the seller if you qualify. This could save a lot of money and hassle. Present spending limits are the hallmark of an FHA mortgage. The loan amounts are set by the median prices of different cities within a particular region. There can be a large difference between loan amounts in a densely populated area and a rural area.