FHA (Federal Housing Administration) loans have been around since 1934. for years. A few benefits of the FHA loan:
Low down payments – 3.5% of the sale price
Borrowers can finance 1-4 unit properties including condos and townhomes
Seller can pay up to 6% toward the buyers closing costs and prepaid items like taxes and insurance
Easier credit qualifying
FHA allows the borrower to get the funds necessary to close from several sources. They include such areas as personal savings, gifts, grants, loans from retirement accounts and seller contributions.
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