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How can FHA loans help you buy your first home? Navigating the path to homeownership can feel complicated, especially with all the different loan options out there. FHA loans are a popular choice for many first-time buyers, and here’s why: They're designed to make buying a home more accessible. FHA loans require lower down payments, sometimes as low as 3.5% if your credit score is 580 or above. Plus, they’re more forgiving with credit scores, accepting scores as low as 500 with a 10% down payment. This flexibility makes a big difference for those who are working on building their credit or saving up for a home. But what’s the catch? Well, you'll need to pay mortgage insurance to protect the lender in case you default on the loan. This includes both an upfront premium and a yearly premium, which is spread out over your monthly mortgage payments. Would you use a FHA loan to buy a home? Why or why not? #MortgageTips #FHAloans #homeowner
Duration: 33 sPosted : Mon, 22 Apr 2024 21:00:00Views
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