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What Is an FHA Loan?
FHA loans are government-backed mortgages designed to help buyers achieve homeownership with lower down payments and more flexible credit requirements. At NEXA Lending, we guide Fargo-area homebuyers through the FHA loan process with ease and confidence.
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Insured by the Federal Housing Administration
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Requires lower down payment (as low as 3.5%)
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Easier credit requirements compared to conventional loans
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Ideal for first-time homebuyers or buyers with moderate credit
Call or email today for more details!
FHA Home Loans in Fargo, ND
FHA Home Loan Advantages
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FHA mortgages typically can be obtained with little money down and the down payment may come in the form of a gift from employers, family members, or charitable organizations.
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Closing costs are usually lower than a conventional loan.
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As FHA mortgages are insured, lenders are generally far more willing to offer loan terms and qualifications that are easier to meet than conventional loans.
FHA Home Loan Disadvantages
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You will require a mortgage insurance premium in addition to your monthly payments. Mortgage insurance is implemented to help lenders protect their interest when allowing borrowers to secure a loan with little cash for a down payment.
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