FHA loans are the best option for a lot of buyers, but not for everyone. This program may not be the best choice for buyers with excellent credit for example. Conventional loans are available with low down payments as well, and PMI may be cancelled when certain conditions are met. Buyers are not required to be first-time buyers, but FHA loans are very popular with first-time buyers.
For those who may need to improve their credit score to become eligible to qualify for a home loan, while also building up a savings for down payment, check out our RHB Credit Builder Program.