when you get an fha loan you may be eligible for loan relief if you experience a legitimate financial hardship such as a loss of income or a large increase in living expenses for example the fha has several forbearance plans that can allow you to pause or reduce your mortgage payments for a period of time 23
another program the fha home affordable modification program hamp permanently lowered monthly mortgage payments to an affordable level however the program has been temporarily suspended through april 30 2025 23advantages and disadvantages of fha loansfha loans are often the best source of a mortgage for borrowers who are unable to obtain financing through private lenders they may qualify for an fha loan with a lower credit score and or greater amounts of debt and a higher debt to income ratio however because fha borrowers are often riskier fha loans usually come with somewhat higher interest rates and require borrowers to pay mortgage insurance premiums both upfront and monthly fha loans can only be used for your primary residence and come with borrowing limits available to borrowers with lower credit scoressmaller down paymentsfederally backedrequires insurance paid both upfront and monthlycannot be used for second homes or investment propertieshigher interest ratesnot all properties qualify