FHA Loans

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Federal Housing Administration Loans

FHA loans are insured by the government and backed by the Federal Housing Administration. They have lower interest rates and more inclusive qualifications. Therefore, FHA borrowers pay for mortgage insurance, which protects the lender from a loss if the borrower defaults on the loan. An FHA loan can be used to purchase a 1-4 family. FHA loan offers:

96.5% Financing
Gifts from family members are allowed
Closing cost can be financed with a Seller's Concession
Lower minimum credit qualification
Fixed rate options