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First-Time Home Buyer

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Nicholas Salman
  • Lender
  • Ohio
77
Votes |
113
Posts

What is an FHA loan and how can it be an advantage?

Nicholas Salman
  • Lender
  • Ohio
Posted Jul 12 2022, 10:34

An FHA loan is a government loan through Fannie Mae that is mostly geared towards first time home buyers.

Some lenders vary on minimum credit score, avg being a minimum of 620 credit score

3.5% down

DTI ultimately up to the underwriter, but should be ideally no more than 50%

Must be owner occupied!

Hope this helps!

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