Insured by the federal government, this loan allows borrowers to purchase or refinance. When purchasing, the borrower can obtain a loan with as little as a 3.5% down payment and with a credit score down to 580. If the credit score is 579 down to 500 that would require 10% down. For a refinance, the borrower can do a cash-out up to 80% of the value of the home and do a non-cash-out loan up to 97.75% of the value of the home.

HUD is the government entity that oversees FHA loans.

FHA loans allow for lower credit requirements and higher debt to income ratios

These offer lower interest rates as a pro, but on the downside, there are 2 forms of mortgage insurance.

Although FHA loans are designed for people who have trouble qualifying for a normal loan, there are still requirements you need to meet. The biggest one is ensuring you're able to pay down current debts, but your credit score will also be taken into account. Buckeye Lending Solutions will help you determine if you're eligible for an FHA loan.