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What Is an FHA Loan? 2022 Complete Guide

Are you considering buying a house but don't know where to start? An FHA loan may be the right option for you. An FHA loan is a government-backed mortgage that offers some benefits over other types of mortgages. Here's a comprehensive guide to FHA loans, including eligibility requirements and how to apply. 1. What Is an FHA Loan? An FHA loan is a mortgage insured by the Federal Housing Administration. This loan is popular with first-time homebuyers because it offers lower down payment and relaxed credit requirements. The down payment can be as low as 3.5%, and the buyer does not need perfect credit to qualify. In addition, the seller can contribute up to 6% of the purchase price towards closing costs, making it easier for buyers to save up…

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