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Little Known Facts About FHA Mortgages
on Tuesday, October 8th, 2019 at 8:39am.
Little known facts about FHA mortgages
FHA loans are available for one to four family unit properties with one unit being owner-occupied.
The minimum down payment for an FHA loan is 3.5%.
FHA has a minimum credit score of 500 to 579 but it requires a 10% down payment. Not all lenders are willing to make loans to borrowers with lower credit scores.
There is a program for a borrower to roll the cost of the repairs into the mortgage.
Mortgage Insurance Premium is required on all loans
Mortgage Insurance Premium is required for the life of the loan.
Refinancing an FHA loan has a simplified process of qualifying.
FHA loans are easier to qualify for than conventional loans.
Borrower needs a valid Social Security number.
Borrower needs to provide proof of U.S. citizenship, evidence of legal residency or eligibility to work in the U.S.
Borrower must be of legal age according to the state's borrowing laws.
Sellers can pay some of the borrower's closing costs.
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