What you need to know about FHA Mortgage
Mortgage Insurance: FHA loans require borrowers to pay an upfront mortgage insurance premium (MIP) at closing and an annual MIP as part of their monthly mortgage payments. The mortgage insurance protects the lender in case the borrower defaults on the loan.
Credit Score Requirements: One of the benefits of FHA loans is that they are more lenient with credit score requirements compared to conventional loans. While specific lenders may have their own credit score requirements, borrowers with credit scores as low as 580 may be eligible for an FHA loan. However, a lower credit score may require a…
The skinny
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