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An FHA Loan is a mortgage that’s insured by the Federal Housing Administration (FHA) and issued by an FHA approved lender.  They allow borrowers to finance homes with down payments as low as 3.5% and are especially popular with first-time homebuyers.

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who qualifies for fha loans?

  • FICO® score at least 580 = 3.5% down payment.
  • FICO® score between 500 and 579 = 10% down payment.
  • MIP (Mortgage Insurance Premium ) is required.
  • Debt-to-Income Ratio < 43%.
  • The home must be the borrower’s primary residence.
  • Borrower must have steady income and proof of employment.

Benefits of an fha loan:

  • More flexible qualification requirements than other home loan types
  • Down payments as low as 3.5%
  • Friendlier debt ratios
  • Credit scores as low as 500

All loans subject to underwriter approval; terms and conditions may apply. Subject to change without notice. Always consult an accountant or tax advisor for full eligibility requirements on tax deduction.

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