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Federal Housing Administration Loans

FHA LOANS

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FHA LOANS

If you’re looking for a loan with flexible credit requirements and a more manageable down payment, an FHA loan—backed by the Federal Housing Authority—may be just the ticket.

PROS

Government-backed FHA Loans offer competitive rates, flexible credit requirements, and down payments as low as 3.5%. An FHA Loan is a great option for people who may not qualify for a conventional loan.

CONS

Both up-front mortgage insurance and monthly mortgage insurance are required for FHA Loans, while they can be optional in other situations. You’ll also be required to have an escrow account to stay on top of your property taxes and insurance payments.