FHA loan is a government-insured home loan with flexible lending requirements and it may accept as low as 3.5 percent down payment. Because of this, interest rates for FHA loans are somewhat higher, and the buyer may need to pay monthly mortgage insurance premiums along with their monthly loan payments. FHA loans are insured by the Federal Housing Administration (FHA) and have an easier qualification process due to less stringent down payment and credit requirements than conventional mortgages. An FHA loan is available with fixed rates or as an adjustable-rate mortgage (ARM).
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