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FHA MORTGAGE LOAN

The FHA has been around since 1934. The purpose of FHA (Federal Housing Administration) is to provide mortgage insurance for a person to purchase or refinance a principal residence. Making housing more affordable, especially for first-time homebuyers.
 

 
 

 

 
 

FHA might be just what you need. With FHA insurance, you can purchase a home with a low down payment from as little as 3 percent to 5 percent of the FHA appraised value or the purchase price, whichever is lower allowing lenders to provide you with lower closing costs and easy credit qualifying.

What are the eligibility requirements?
>The borrower must meet standard FHA credit qualifications.
>The borrower is eligible for approximately 97% financing. The borrower is able to finance the upfront mortgage insurance premium into the mortgage. The borrower will also be responsible for paying an annual premium.
>Eligible properties are one-to-four unit structures.

For more information contact:
US Department of Housing and Urban Development
451 7th Street, S.W.
Washington, DC 20410

 
 
 
 
       

 

 

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