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All of the following items are advantages to borrowers under the FHA insured loan programs except absence of prepayment penalties.
The FHA mortgage insurance shields lenders from financial losses brought on by borrower default. The insurance premiums paid on each loan that the FHA insures are what pay for the protection that the FHA insurance offers to lenders.
There has been a Federal Housing Administration since 1934. In order for lenders to offer loans with lower down payments, fewer closing fees, and easier credit qualifying, it was created to improve home ownership.
Your down payment or closing charges may be paid for with funds from your business accounts. The lender may next request your business tax reports, and you may be asked to include those financials in your application.
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