Quiz – How Much Do You Know About FHA?

Views: 104

What Do You Know About Buying a Home with a FHA Loan?

The Federal Housing Administration insures mortgages for home buyers in the United States and has been a popular choice for decades. Potential home buyers often like to consider FHA loans for their mortgage needs because they are generally easier to qualify for. But how much do you know about the FHA home financing qualifications? FHA Loans are not for everyone, but they have helped millions of Americans become homeowners over the last eighty years. While FHA loans are not perfect, they are very good fits for many buyers. Take a few seconds and complete our quiz below to see how much knowledge you have on FHA and the lending requirements associated with these government insured mortgages.  After you complete this quiz, you should have a much better idea about the FHA loan process, so you can hopefully know if it is a good fit for you.

Start the Quiz -------------------------------------------------------Why Are FHA Loans Easy to Qualify for?

The correct answer is C. FHA loans are guaranteed by the federal government. This means that if the home owner stops paying on the mortgage, the government will pay back the lender most of the outstanding balance. This is a key point because if the government will pay back the lender, it is less risky for lenders to give loans to people with lower credit scores and negative credit events in their recent past.

Quiz takes 15-30 seconds and there is no cost.

.