mortgage

7 crucial facts about FHA loans

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Lender must be FHA-approved
Lender must be FHA-approved © auremar / Fotolia.com

Lender must be FHA-approved

Because the FHA is not a lender, but rather an insurer, borrowers need to get their loan through an FHA-approved lender (as opposed to directly from the FHA). Not all FHA-approved lenders offer the same interest rate and costs -- even on the same FHA loan.

Costs, services and underwriting standards will vary among lenders or mortgage brokers, so it's important for borrowers to shop around.

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