FHA Loans: How They Work

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FHA loans can be a game-changer for buyers who have limited savings or a less-than-perfect credit history. By insuring lenders, these loans make it possible for qualified buyers—those with credit scores of 580 or above—to put down as little as 3.5%. If your score falls between 500 and 579, a 10% down payment is generally required. It's important to know that FHA loans are designed for primary residences only, and borrowing limits depend on your county and the type of property. Monthly payments will typically include principal, interest, mortgage insurance, taxes, homeowners insurance, and often escrow—so it pays to consider both the upfront savings and the long-term costs. This type of financing might be a good fit for those with lower credit or limited cash on hand, while buyers with stronger credit may find conventional loans or future refinancing to be more appealing options. As someone with Affinity Home Lending, I see firsthand how understanding your options can make all the difference in your homebuying journey.

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