What you should know about an FHA loan

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What should you know about FHA loans? A lot of people don’t know the perks of an FHA loan – and for first time homebuyers, when there’s a thousand questions swirling around in your head, we have some answers that could help calm that inner storm.

 · An FHA loan is a specific kind of mortgage you can use to purchase a home, refinance an existing home loan or rehabilitate a home in need of repairs. FHA loans get their name because the Federal Housing Administration provides insurance for lenders that issue these loans.

This approach is appealing if you can also lower the interest on your loan as a result of refinancing. A fifth option applies to FHA loans. With these loans, mortgage insurance is required, although.

These folks usually want to know how they might be affected by working with a home buyer who is using an FHA loan. So we’ve compiled some of the most frequently asked questions to create a seller’s guide to FHA-insured mortgage loans.

What you should know before you apply: Credit Score: The minimum credit score required by the FHA is 500, and credit scores of 580 or higher are generally eligible for the best rates. Minimum Downpayment: The FHA requires a downpayment of 3.5% of the home purchase price for most borrowers.

It’s also the same with FHA loans, but you only need a minimum credit score of 580 to qualify. Also, you need to make 3.5 percent down payment. Also, you need to make 3.5 percent down payment. Those with credit scores below 580 but not lower than 500 can still be eligible, but this time, the down payment requirement is 10 percent.

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 · If an FHA loan might be in your future, here are three things you need to know about an FHA mortgage that only asks for 3.5% down. It’s For a Primary Residence Only FHA loans are government-backed loans but unlike a conventional mortgage, an FHA loan can only be used to finance a primary residence.

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If you are a military veteran. mortgages to get a lower interest rate should know that no appraisal or credit underwriting package is required when applying for what’s known as an interest rate.