Assists first-time homebuyers and others who might not be able to meet down payment requirements for conventional loans by providing mortgage insurance to private lenders.  Potential borrowers, who have satisfactory credit history, enough cash to close the loan and sufficient and steady income to make monthly mortgage payments can apply for FHA-insured mortgage. 

FHA-insured loans are available Statewide for single family homes (1-4 unit properties), and for condominiums, interest rates on FHA loans are generally market rates, while down payment requirements are lower than for conventional loans.   Down payments can be as low as 3.5 percent, and closing costs can be wrapped into the mortgage.