FHA Loan

Definition

A government mortgage that is insured by the Federal Housing Administration (FHA). These loans have been insured by the FHA since the creation of the agency in 1934. Since then, various Housing and Community Development Acts have been passed which have slightly altered the laws regarding FHA loans. FHA loans have been particularly helpful for individuals who typically otherwise would not have been able to secure a loan from another source, due to low income or high risk.

Use FHA Loan in a sentence

When my wife and I were first starting out, we were unable to get a traditional mortgage, so we bought a house using an FHA loan that was only available to people like us.

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Since many Americans are unable to get private loans to purchase a house due to low credit scores or low income, they turn to FHA Loans which are insurance funds backed by the government.

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You may want to try and take out an FHA loan when you need to borrow and know you will be able to pay back.

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