Mortgage Q&A: FHA loan best deal for many

The demise of subprime, no-documentation and no-down-payment loans is more than three years past. Many folks with less-than-perfect credit and little cash have turned to Federal Housing Administration (FHA) and Veterans Affairs (VA) loans for their home financing needs.

I’d like to use this week’s column to summarize the features of FHA loan products. While the FHA has recently tightened its standards, it’s the only game in town for a low down payment. Consider the following:

FHA loans require just a 3.50 percent down payment in most areas.
Maximum allowable loan amounts vary from $271,050 to $793,750, depending upon the area.

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