FHA loans are insured by the Federal Housing Administration. Often, FHA loans are more lenient when it comes to debt ratios and borrowers can put as little as 3.5% down.
FHA loans also require a lower credit score than conventional loans. While FHA loan requirements are more flexible, borrowers are required to obtain up-front mortgage insurance and maintain it for the life of the loan.
Reasons To Get FHA LOAN
Great for first time home buyers
Lower credit scores allowed
Higher debt-to-income ratios allowed
Typically lower interest rates than other loan types
Down payments as low as 3.5%
FHA loans allow sellers to contribute up to 6% to cover closing costs
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