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An FHA loan is a mortgage the Federal Housing Administration insures. FHA loans require a smaller a down payment and lower closing costs and allow relaxed lending standards to help homeowners who don’t qualify for a conventional mortgage.
An FHA loan is the go-to mortgage for many Americans, especially first-time homebuyers and those who have a credit history that’s weak or damaged. If your credit score is ‘good’ or ‘fair’ rather than ‘excellent’, if you’ve had financial difficulties in the past or if you just haven’t had time to build a strong history of on-time payments, an FHA loan could be the answer to your mortgage needs. FHA loans are designed for people like you: With FHA backing, which protects the lender in case you default on your mortgage, lenders can broaden their credit standards. If you qualify, you can get a mortgage with as little as 3.5% down.
FHA loans do have up-front and ongoing additional costs built in: You’ll have to pay mortgage insurance. This protects the lender’s stake in the loan if you default and the premiums increase your monthly payments.