An FHA loan is a mortgage insured by the Federal Housing Administration. In addition to your monthly mortgage payment, there is a mortgage insurance premium that protects the lender from a borrower defaulting. FHA loans are usually for first-time homebuyers who cannot meet specific down payment and/or credit score requirements.
An FHA might be the loan for you if:
- You are unable to meet stricter qualification requirements such as higher credit scores
- You prefer less than 20% down payment (as low as 3.5% down)
- You currently have an FHA and would like an FHA streamline refinance or FHA cash out refinance
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