FHA stands for the Federal Housing Administration, a government agency that standardizes and insures home mortgages, which makes it easier for more people to get loans to purchase a home.
The FHA requires that homes with FHA-backed loans meet certain standards. The homes must also be appraised by an FHA-approved appraiser in order to qualify. FHA loans require that you pay an up-front Mortgage Insurance premium of 1.75% of the loan amount. This may be paid at closing or rolled into the loan.
In order to pay your down payment with gift funds, the gift given must meet certain FHA requirements.
FHA loan limits vary by county, with loans in some counties financed for up to $679,650.
There are several reasons why FHA loans might be a good choice:
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