FHA Home Loans
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Federal Housing Administration (FHA) Home Loans
A popular choice for first-time homeowners, FHA loans are a great way to secure financing for borrowers who have less money to put down on a new house and lack the credit history to qualify for a conventional loan.
FHA loans are mortgages insured by the Federal Housing Administration. These government loans are popular among homebuyers, especially first-time homebuyers, because of their lower down payment requirements and their more flexible lending standards.
FHA Home Loan Advantages
- FHA mortgages typically can be obtained with little money down and the down payment may come in the form of a gift from employers, family members, or charitable organizations.
- Closing costs are usually lower than a conventional loan.
- As FHA mortgages are insured, lenders are generally far more willing to offer loan terms and qualifications that are easier to meet than conventional loans.
FHA Home Loan Disadvantages
- You will require a mortgage insurance premium in addition to your monthly payments. Mortgage insurance is implemented to help lenders protect their interest when allowing borrowers to secure a loan with little cash for a down payment.
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