Note: There are other types of home loans available, besides the 30 - year fixed - rate mortgage. (bpfund.com)
While other types of home loans will require very little to no down payment, they will also often require a person to pay for mortgage insurance, including monthly insurance premiums. (vahomemortgageloans.org)
The flexibility of having lower down payment requirements, tolerance for a wider range of credit histories and the potential for easier future refinancing makes FHA loans a better match for buyers that may not have the right financial profile for other types of home loans. (pennymacusa.com)