FHA Loans

FHA purchase loans are low down payment types of loans.

They only require 3.5% down which makes them very popular with first time home buyers.

FHA guidelines also permit down payment gift funds from family members, employers, housing grants, churches or other charitable organizations.

FHA loans require a one-time, upfront mortgage insurance premium (UFMIP) when the loan closes.

After that, a smaller mortgage insurance premium (MIP) is added to the monthly mortgage payment.

These two types of insurance comprise a tradeoff necessary to make the low down payment possible.)

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