An FHA home loan is a US Federal Housing Administration mortgage insurance backed mortgage loan which is provided by an FHA-approved lender. FHA insured loans are a type of federal assistance and have historically allowed lower income Americans to borrow money for the purchase of a home that they would not otherwise be able to afford.
Federal Housing Administration loans require a minimum 3.5% down payment, however, any down payment assistance program can cover the necessary minimum down payment. FHA home loans have an Upfront Mortgage Insurance Premium of 1.75% as well as a monthly mortgage insurance premium (MIP).
Down payment assistance and community redevelopment programs offer affordable housing opportunities to first-time home buyers, low- and moderate-income individuals, and families who wish to achieve home ownership.
FHA Home Loans: Benefits
Low Down Payments
Low Closing Costs
Easy Credit Qualifying
Great For First Time Home Buyers
Financial Help For Seniors
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