The FHA (Federal Housing Administration) home loan is one of several government-insured loans. The FHA doesn’t lend money directly to home buyers; they insure lenders against losses that may occur from client default. Because of this, lenders have less strict requirements for borrowers.
One of the features borrowers enjoy the most is the low minimum down payment, which is typically less than the requirements for a conventional loan. Additionally, your closing costs may be lower than a conventional loan.
With FHA mortgages, a mortgage insurance premium will be required in addition to your monthly payments. Mortgage insurance is implemented to help lenders protect their interest when allowing borrowers to secure a loan with little cash for a down payment.
© 2023 8 Blocks LLC All Rights Reserved. Mint Mortgage, LLC NMLS# 2115381 NMLS Consumer Access / Legal Disclaimer - This information is not intended to be an indication of loan qualification, loan approval or commitment to lend. Other limitations may apply. This site is not authorized by the New York State Department of Financial Services. No mortgage loan applications for properties located in the state of New York will be accepted through this site. All Zillow rate data and Zillow reviews are © of Zillow, Inc. 2006-2023. Powered by Lenderd.com