Video transcript: FHA mortgages

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What's an FHA loan?

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Tina, Mortgage Banker

Tina:

An FHA loan is a government sponsored loan that allows homeowners to put 3 1/2 percent down payment on their home.

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Curt, Mortgage Banker

Curt:

They also allow for lower credit scores, so there's more flexible credit options with an FHA loan. So an FHA borrower would be one that doesn't want to expend that much on a down payment, has possibly some credit issues, or maybe not, and you've also got to want to take into account the mortgage insurance that you need for that product, so that has to fit in your budget. But it can be a very good loan for some people who have a limited amount of down payment.

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FHA loan

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