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Facts About FHA Loans
An FHA (Federal Housing Administration) loan is a mortgage provided by an FHA-approved lender which is later insured by the FHA. The agency has been popular among first-time buyers because it was one of the first sources of low-down-payment loans.
Currently, there are several of low-down-payment loans, despite this, FHA remains to be a popular source for homeownership. A good thing about FHA loans is that they are not restricted to people with lower yearly incomes nor to first-time buyers. However, its mission is to focus first on providing affordable mortgage credit to households that are ruled out by private lenders.
FHA services might not be for everyone, but is still a great tool for young families since it makes homeownership a reality.
Learn some facts about FHA loans:
 
 1. Borrowers aren't required to pay FHA mortgage insurance forever. 
FHA has a policy regarding the "life on the loan" and requires to keep FHA mortgage insurance as long as people have the FHA mortgage. 
However, borrowers that have conventional loans plus private mortgage insurance (PMI) can leave their mortgage insurance if they have 20% equity in their homes, which increases with, value and paying the loan principal. 
Besides, an FHA mortgage can be dropped by refinancing into a conventional one. To do so, before applying, the borrower must wait for 210 ... more

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