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What is an FHA Mortgage Loan?
An FHA loan is a mortgage that’s insured by the Federal Housing Administration (FHA). Borrowers can qualify for an FHA loan with a down payment as low as 3.5%.
FHA loans typically have less stringent guidelines than conventional loans concerning a borrower’s past credit history and the amount of income needed to qualify. There will be a monthly premium for mortgage insurance that will be added to your monthly loan payments.
FHA loans are very popular with first time home buyers. Your loan officer can help you determine if an FHA loan is right for you.