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Goldie and Kurt are looking at purchasing their first home. Their credit history is a little shaky and they don't have enough money saved to put down 20%. FHA loan seems most appropriate.
For those applicants who have trouble getting loans from private lenders, there are FHA loans available.
A house mortgage that is guaranteed by the government and provided by a bank or other lender that has been approved by the Federal Housing Administration (FHA) is known as an FHA loan.
Because FHA borrowers are typically riskier, they must pay higher interest rates as well as PMI.
Banks are more likely to lend money to homeowners with less in the way of down payment money and relatively low credit ratings since they are insured.
For first-time homebuyers, an FHA loan can be the most cost-effective mortgage alternative.
Savings, a monetary gift from a relative, or a grant for down payment help are all acceptable sources of the down payment for FHA loans.
Hence, FHA loans seem most appropriate.
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