Question:

What is an FHA mortgage and is it suitable for me?

Answer:

An FHA mortgage is a home loan that is easier to cover the requirements for. Have you dreamed of owning your home but your credit rating would not allow you to qualify for a loan? Well, you may have a better chance if you try FHA. FHA requirements are quite relaxed: a bankruptcy occurrence over 2 years ago and use of other credit lines are allowed. Also, FHA interest rates are very competitive on the market.

FHA was initially founded as a government corporation with the purpose to aid the mortgage insurance process and stabilize the mortgage market. Nowadays FHA offers mortgages that are most suitable for people with lower credit score, first-time home shoppers or people who cannot afford a large down payment on a house. Not to mention the convenience FHA now offers to FHA lenders and homeowners by incorporating the Internet to organize its business processes.

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