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What is an FHA Mortgage?
An FHA mortgage, or Federal Housing Administration loan, is a mortgage that is insured by the Federal Housing Administration (FHA). The FHA is a government agency that was created in 1934 to help make homeownership more affordable for low- and moderate-income borrowers. FHA mortgages have more lenient credit and down payment requirements than conventional mortgages, making them a good option for borrowers who might not otherwise qualify for a mortgage.
Who is eligible for an FHA Mortgage?
What are the benefits of an FHA Mortgage?
What are the drawbacks of an FHA Mortgage?
How do I get an FHA loan?
To get an FHA loan, you will need to work with a lender that is approved to originate FHA loans. The lender will need to review your financial information and determine if you are eligible for an FHA loan. If you are approved for an FHA loan, the lender will then issue you a loan commitment. The loan commitment is a legally binding document that outlines the terms of your loan.
FHA loans can be a good option for borrowers who might not otherwise qualify for a mortgage. However, it is important to understand the benefits and drawbacks of FHA loans before you decide if they are right for you. If you are considering an FHA loan, be sure to work with a qualified lender to get the best possible terms.