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FHA Loans Boost Home Buying Power for Borrowers

Posted in: FHA / VA Loans
FHA loans are appreciated by home buyers for many reasons.

FHA loans are often used by first-time home buyers and low to moderate income buyers.  FHA approved lenders are authorized to assist home buyers by taking loan applications, processing loan applications, underwriting loans, and closing loans.   

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consolidate the cost of mortgage insurance into the home loan, increasing the premium approximately 1.75%, as an upfront fee with and additional monthly fee of 1.5% incurring a small increase to the monthly mortgage payment. The use of the term "FHA loan" is a misnomer. The Federal Housing Administration (FHA) serving under the Department of Housing & Urban Development insures home loans.  It does not issue the loan or guarantee the loan.  Therefore, the FHA insurance-backed home loan minimizes the default risk for lenders.  That is especially important when borrowers submit less than 20 percent down payments.   Click title for more... 

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