An FHA loan is a mortgage loan insured by the Federal Housing Administration (FHA). It is a popular mortgage option for borrowers who have a lower credit score and/or a smaller down payment. The FHA loan allows buyers to finance up to 96.5% of the home's value, which makes it an attractive option for first-time home buyers. Additionally, FHA loans have more lenient qualification requirements and typically have lower interest rates than conventional loans.
WHY GET AN FHA LOAN?
FHA loans require a lower down payment than traditional loans, making it easier for first-time homebuyers to purchase a home.
FHA loans offer more flexible credit and income requirements than traditional loans, making them more accessible for those with lower credit scores.
FHA loans are backed by the federal government, making them more secure than other types of loans.
FHA loans are assumable, meaning you can transfer the loan to another borrower if you decide to move or sell your home.
FHA loans often have lower interest rates than traditional loans, making them a more cost-effective option.
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