FHA mortgage lending limits vary based on a variety of housing types and the state and county in which the property is located. FHA loans are designed for low to moderate income borrowers who are unable to make a large down payment.
Thanks for the question. First let’s start with the main difference between the FHA and conventional loan programs. FHA: This is a government-backed program that requires a 3.5% down payment. FHA loans are best for borrowers who have lower credit than it takes to qualify for a conventional loan.
FHA loans require mortgage insurance, which must be paid both upfront and monthly. Most 15- or 30-year FHA loans require the borrower to pay 1.75% of the loan amount at closing, along with a 0.5% annual renewal premium for the length of the loan. Half of the upfront mortgage insurance premium is refundable when the home is sold.
FHA loans are loans from private lenders that are regulated and insured by the Federal Housing Administration (FHA) , a government agency. The FHA doesn't.
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