Let’s start with some background knowledge.These are mortgage loans that are insured by the Federal Housing Administration, hence the acronym FHA. They’ve been around for over 80 years.
FHA loans were created to help reduce foreclosures and defaults that occured during the 1930’s. It was also a way to provide the government an insurance policy, so to speak, to reduce the loss it took if loans were defaulted or foreclosed on. It was a stepping stone in putting a shot into the housing market. One of the other primary objectives of the FHA loans were to assist those with little money an opportunity to begin their “American Dream.”
It doesn’t really take much to qualify for the program. As is true with any loan program, the credit score has a lot to do with it.The higher the credit score the better chances of qualifying for a loan. Also, the interest rate you receive is dependent upon your credit score.
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