FHA Loans USA - News-Credit-Mortgage-Coin

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Sunday, February 7, 2021

FHA Loans USA

 The Federal Housing Administration was established in 1934 to promote home sales during the Depression. By financially guaranteeing loans, the FHA increases much of the risk of non-payment and foreclosure by private lenders. It is important to remember that the FHA is not a lender; They only guarantee your loan.



Advantages:


  • Bankruptcy is not an automatic disqualification.
  • Less strict credit requirements.
  • Lower interest rates.
  • The deposit is lower.
  • Lower mortgage points and other closing cost requirements.
  • Resale can be done faster.
  • Supported by the US government.

Properties:

  • Deposit required.
  • Higher MEP than traditional loans.
  • Credit limits are lower than traditional.
  • MIP required, regardless of loan-to-value (LTV).

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