What is an FHA Loan? An FHA loan is a mortgage that’s insured by the Federal Housing Administration (FHA). They are popular especially among first time home buyers because they allow down payments of 3.5% for credit scores of 580+. However, borrowers must pay mortgage insurance premiums, which protects the lender if a borrower defaults.
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She also clarified that the previous rules governing condo approvals shut out a lot. they have run into in the past that.
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It’s much less complicated than one for a condo, he says. "When getting a loan for a condo, you have to go through a process of qualifying as a borrower and also making sure the condo is approved," Trungale says. For instance, a condo must meet FHA approval if you are going for an FHA loan.
When exploring mortgage options, it’s likely you’ll hear about Federal Housing Administration and conventional loans. Let’s see, FHA loans are for first-time home buyers and conventional mortgages are.