FHA

Whether you are a first-time homebuyer or a homeowner preparing to refinance or sell your house and buy a new one, it is well worth your time to find out whether or not you can benefit from an FHA home loan.

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• An FHA home loan typically has less strict requirements regarding debt-to-income ratios compared to a conventional mortgage.

• An FHA home loan does require a monthly mortgage insurance premium (MIP) as part of your monthly mortgage payment.

• FHA MIP is often lower than the equivalent private mortgage insurance (PMI) premium that you might have to pay on a conventional home loan with a low down payment.

• Because the cost of living is not the same throughout the country, FHA home loan limits vary from one county to the next.