Here are seven facts that borrowers should know about FHA loans. Minimum credit scores for FHA loans depend on the type of loan the borrower needs. To get a mortgage with a down payment as low as 3.5.
FHA loans were more likely to be used by borrowers to purchase a home (95 percent), with just five percent of these type of loans going toward a refinance. Among conventional loans, 88 percent were.
Los Angeles Times Friday December 17, 1999 Home Edition Metro Part B page 3 metro Desk 2 inches; 38 words Type of Material: Correction HOUSING CHARGE–An article Thursday on FHA loan fraud misspelled.
An FHA insured loan is a US Federal Housing Administration mortgage insurance backed mortgage loan which is provided by an FHA-approved lender. FHA insured loans are a type of federal assistance and have historically allowed lower income Americans to borrow money for the purchase of a home that they would not otherwise be able to afford. Because this type of loan is more geared towards new house owners rather than real-estate investors, FHA loans are different from conventional loan in the sense