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What is an FHA Loan?
FHA loans are government-insured loans backed by the Department of Housing & Urban Development (HUD). This type of loan is very popular among first-time homebuyers due to its low minimum down payment requirement of 3.5% of the purchase price, and its more flexible credit and underwriting standards.
FHA Loan Requirements:
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Minimum Down Payment: 3.5% of the purchase price. The down payment can be gifted by a family member or employer.
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Co-Applicants: Co-applicants may help you qualify, even if they will not be living in the home.
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Primary Residency: This loan is only available for primary residency.
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Loan Limits: The loan amount cannot exceed the maximum limit set by FHA on a county-by-county basis.
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