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Flexible Homebuying FHA Mortgage Loan Explained

FHA loans are popular with first-time homebuyers for a reason. Its benefits include a low down payment and lenient credit requirements. Learn more about the FHA mortgage loan to decide if it’s right for you.

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What is an FHA Loan?

An FHA loan is a federally-backed mortgage loan that is insured by the Federal Housing Association. With this loan, your down payment could be as low as 3.5% of the loan amount. Credit requirements are easier with an FHA loan and closing costs are minimal. Most lenders are FHA-approved and My Perfect Mortgage can match you with the right one.

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Do It Yourself Mortgage Analysis

Use our FHA Mortgage Calculator to estimate your monthly payment

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Common Questions about FHA Mortgage Loans

Who can qualify for an FHA loan?

An FHA loan is not exclusively for low-income buyers or first-time home buyers. If you can meet the required credit and debt-to-income ratio guidelines, and you have sufficient funds for a down payment, you’ll likely qualify.

Can I qualify for an FHA loan if I’ve had a foreclosure or bankruptcy?
What is mortgage loan insurance?