What is a 30-year FHA?
(The Bankrate.com financial term of the day is:) "30-year FHA."
This is a 30-year mortgage that's backed by the good folks at the Federal Housing Administration -- or FHA. FHA loans were designed to help low- to moderate-income borrowers, minority and first-time homebuyers get their piece of the American dream. So these mortgages offer low down payments; you may need to put down as little as 3.5 percent of the home's purchase price. Also, most of the closing costs and fees can be rolled into the loan, and you probably won't need a killer credit score to qualify.
A young couple going from an apartment to that first home could have an easier time getting a mortgage by going for a 30-year FHA.
To find the best rates on FHA loans and other mortgage products, visit the Mortgage tab at Bankrate.com.
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