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FHA loans originated in 1934 and are insured by the Federal Housing Administration. These loans allow aborrower to borrow money to either purchase a new home or refinance their existing home. There are a lot of good reasons to choose an FHA insured loan, especially if one or more of the following applies to you:
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Terms available: 30-year, 25-year, 20-year, 15-year, 10-year
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Adjustable rate mortgages allowed
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Minimum down payment: 3.5%
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Single family and 2-4 units allowed
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Primary residence only
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Grants and gifts allowed from acceptable sources
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Flexible or no credit scores
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2 years post bankruptcy
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3 years post foreclosure
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Common sense underwriting
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Seller concessions up to 6%
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203K Rehab loans
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Loans can be assumable
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Maximum loan amounts are restricted by geographical area
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Reduced monthly mortgage insurance
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Purchase or refinance
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