FHA loans are available to both first-time homebuyers and repeat buyers. There are no income restrictions, but borrowers must meet certain criteria, including having a valid Social Security number, lawful residency in the United States, and a steady employment history.

FHA loans offer a low down payment requirement compared to conventional loans. The minimum down payment is typically 3.5% of the purchase price

FHA loans are more lenient when it comes to credit requirements compared to conventional loans. Borrowers with a credit score of 580 or higher can qualify for the low 3.5% down payment. However, borrowers with credit scores between 500 and 579 may still be eligible for an FHA loan but will need to make a larger down payment, usually around 10%.