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The
main advantage to a FHA home loan is that the credit criteria for a
borrower are not as strict as FNMA or FHLMC. Someone who may have had a
few credit problems should not have a problem obtaining FHA financing.
Also, FHA home loans are assumable, allowing a person to take over the
mortgage without the additional cost of obtaining a new loan. In addition,
the seller must pay for part of the "traditional" closing costs (called
non-allowable costs) while a borrower's allowable costs can partially be
wrapped into the loan. 100% of the down payment and closing costs can be
gifted.
Arizona FHA
Loan