First time home buyers interested in FHA loans are often directed to the HUD official page where they can explore options on FHA loans. Some of the FHA’s “for more information” links point to the FDIC official site, which has information on interest-only mortgage loans and option-payment adjustable rate mortgages.
The FHA still insures ARM loans, which some borrowers choose because the FHA version of an ARM loan is more tightly controlled than a conventional version or a convention sub-prime loan. Those who want to purchase a home but may still wrestle with budget issues in the early years of home ownership often look to ARM loans and/or interest only mortgages as an alternative.
In the words of the FDIC, “many lenders offer home loans that allow you to (1)