The FHA allows lower credit scores and lower down payments-as little as 3%-than Fannie Mae and Freddie Mac do, Hensling said. He said GSEs require at least 10% down on larger loans. One downside: The.
Since FHA rates are the same regardless of credit and are generally competitive, you could end up saving a lot on interest payments with an FHA loan if your credit is lacking. potential disadvantages lack of reward for good credit: The flip side of the same-for-all interest rate is that you may be missing out on a lower interest rate if you have great credit.
A big downside to the FHA loan is the Upfront Mortgage Insurance Premium ( UFMIP). This is collected at loan closing but may also be financed.
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