Federal Housing Administration (FHA)

FHA loans are backed by the Federal Housing Administration and are usually approved with smaller down payments and lower credit scores than a conventional loan. The leniency of FHA loan qualifications makes them a great option for first-time buyers who are improving their credit but don’t want to delay their purchase. If you plan to make a down payment of less than 20%, you’ll need to add private mortgage insurance (PMI) to your costs. 

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