FHA Loans - 7 Crucial Facts About FHA Loans | Bankrate.com

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mortgage

** 7 crucial facts about FHA loans **

By Marcie Geffner • Bankrate.com

Mortgage » Basics »

What is an FHA loan?
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What is an FHA loan? | Hero Images/Getty Images

Hero Images/Getty Images

What is an FHA loan?

Less rigorous lending standards and lower down-payment requirements make
FHA loans popular with mortgage borrowers.

-What is an FHA loan?-

An FHA loan is a mortgage insured by the Federal Housing Administration.
Borrowers with FHA loans pay for mortgage insurance, which protects the
lender from a loss if the


Source: www.bankrate.com/finance/mortgages/7-crucial-facts-about-fha-loans-1.aspx


how are fha loans approved


How to Get an FHA Loan: 11 Steps (with Pictures) - wikiHow

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** How to Get an FHA Loan **

Two Parts:How to ApplyLoan ConsiderationsCommunity Q&A

The Federal Housing Administration (FHA) offers special loans to help both
low- and moderate-income families purchase housing. All FHA loans are
federally backed and all FHA lenders have been approved by the federal
government to service the loans. When compared to other types of mortgages,
an FHA loan is especially affordable and easy to qualify for, making them a
great choice for people and families who have a limited budget or a
tarnished credit history.

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*Steps*

-
Part 1
How to Apply -

1. Image titled Get an FHA Loan Step 1Image titled Get an FHA Loan Step 11
*Make sure you qualify for an FHA loan.* FHA Loans are known for having
looser requirements than normal home loans, but they /do/ still have
requirements. You must be able to meet most, if not all, of these standards
to qualify. If you don't meet one of these standards, you can still
potentially be approved for a loan if you can prove extenuating
circumstances.^[1]

· You must prove that you have had 2 years of steady employment where
your income has remained the same or increased. Your credit score should be
620 or higher with fewer than 2 30-day late payments


Source: www.wikihow.com/Get-an-FHA-Loan

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