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FHA Loans

  • Government backed loan aimed at helping the underserved get mortgage financing
  • Loan amount limits vary widely by county – here is the link to the official loan limit search engine.
  • Rates tend to be lower than the conforming counterpart but the required mortgage insurance(PMI), makes conventional a better and a more cost effective choice in most cases.
  • As little as a 3.5% down payment required meaning you can finance up to 96.5% of the purchase price.
  • Less strict underwriting guidelines compared to a Conventional Mortgage.
  • As of June 3, 2013 all 30 year FHA loans have Mortgage insurance (PMI) for the life of the loan.
  • In addition to the Mortgage Insurance (PMI) there is also an upfront mortgage insurance collected.

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