Learn More About FHA Loans
Whether you or your client’s journey leads to saving for college education, reaching debt free living or building equity, your home can be a valuable asset on your journey to achieve your dreams.
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What is an FHA loan?
The Federal Housing Administration (FHA) administers a program of loan insurance to expand homeownership opportunities. FHA insures the loan so your lender can offer you a better deal.
FHA loans can be good if you’re buying your first home, including costs of energy improvements or have a low down payment.
According to the Consumer Financial Protection Bureau (CFPB), FHA loans:
Allow for down payments as low as 3.5 percent.
- Allow lower credit scores than most conventional loans.
- Have a maximum loan amount that varies by county. Learn your FHA loan limit.
For borrowers with good credit and a medium (10-15 percent) down payment, FHA loans tend to be more expensive than conventional loans. For borrowers with lower credit scores or a smaller down payment, FHA loans can often be the cheapest option.
Each home loan journey is different and unique. We’re readyto help you or your clients land the home of their dreams! . Learn more about FHA loans on our advice site here.
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