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The FHA loan program appeared about 80 years ago, but ever since preserves the reputation of the most flexible and rewarding credit opportunity for the home buyers.

The loans from FHA are good for the borrowers with less than perfect credit rating, lack of credit history or high debt-to-income ratio.

In general, the program is often treated as the one for the first-time home buyers, as it reserves benefits for people having low down payment opportunities.  In the housing market crisis, lots of homeowners have lost their home equity  and have little means for down payments as a result. So they can also take the benefits of the Federal House Administration-backed loans.

Still, there is no requirement that you must be a first-time home buyer. The FHA is ready to insure mortgages for any primary dwelling.  As you can see, FHA loans are not just for first-time home buyers. It is also can be used by the repeat buyers and those looking for home refinancing options.