What is FHA Mortgage Loan?
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A FHA Mortgage Loan is usually taken by the borrowers who do not meet the requirements for the conventional loan. Mortgage lenders are generally the ones to help you, homebuyers, to apply for FHA loans.
A Fixed rate FHA mortgage loan is the most suitable option for first time homebuyers as it provides up to 97 percent financing on purchase price. Insurance on FHA mortgage loans is also lower than conventional mortgage insurance to make it affordable for lower income groups.
The Truth About FHA Mortgage Loans if you fall into the category of a first time home buyer, an FHA mortgage loan is probably the best type of loan to seek after.