The Federal Housing Authority (FHA) removes the risks of borrower non-payment and foreclosure from private lenders. The FHA is not a lender; they insure the loans against borrower default.
Benefits:
Bankruptcy is not an automatic disqualification.
Interest rates are lower.
Mortgage points and other closing costs are lower.
Lower-income applicants can also qualify.
The resale process is quicker.
Insured by the United States government.
Features:
A down payment is required.
Mortgage Insurance Premium (MIP) is higher upfront but lower monthly compared to Conventional loans.
Lower loan limits than Conventional
MIP is required regardless of Loan-to-Value (LTV).
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