FHA Home Loans in Idaho - What is an FHA Loan?
Despite what many people think, the Federal Housing Administration (FHA) does not actually issue mortgage loans, it provides mortgage insurance which protects lenders like AmeriFirst Financial, Inc. Customers like FHA loans because they have more liberal qualification requirements, much like hybrid mortgage loans (mentioned earlier).
In addition, they typically have a lower down payment requirement (as low as 3.5%), lower monthly insurance premiums and often have lower closing costs. This makes an FHA loan a very attractive loan for the first-time home buyer and also for families with low and moderate income levels.
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