FHA Loans are government-backed mortgages insured by the Federal Housing Administration. FHA borrowers pay for mortgage insurance, which protects the lender from loss if the borrower default son the loan.
Benefits of a FHA loan include:
- Negotiable interest rate.
- Minimum credit score to qualify: 500 (But must put 10% down).
- Minimum down payment of 3.5%.
- Closing costs may be covered.
- Can pay upfront or annually.
- Cash can go towards home repairs.
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