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FHA loans are insured by the Federal Housing Administration and designed to make homeownership affordable, especially for first-time home buyers.

An FHA mortgage is actually available through many of the same banks or lending institutions you would normally contact for a mortgage because the housing administration doesn’t  make the loan. Instead, the FHA insures loans made by other lenders when a homebuyer wouldn’t otherwise qualify for a conventional mortgage.

The benefits of FHA loans include:

  • Low down payment
  • Favorable rates and terms, especially for first-time home buyers

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