are fha loans good

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  • Are FHA loans easier to qualify for?

  • An FHA loan can be easier to qualify for than a conventional home loan. Compared to conventional loans, FHA loans don鈥檛 require high credit scores and allow for a lower down payment. That can make them more approachable for investors. However, there are downsides.

  • What are the pros and cons of an FHA loan?

  • Here are FHA loan pros and cons: Your credit score doesn鈥檛 haven鈥檛 to be high for an FHA loan. Some mortgage lenders out there will underwrite an FHA loan to someone with a 580 credit score, says Greg Iverson, senior loan officer at USA Mortgage in St. Louis.

  • Is the FHA still a good deal?

  • For millions of buyers who have decent — but not stellar — credit scores and haven’t saved up a big down payment, the FHA has been a good deal. That may no longer be the case. The FHA is experiencing a cash crunch.

  • Are FHA loans more expensive than conventional loans?

  • According to the Consumer Financial Protection Bureau, for borrowers with fair or poor credit scores or less money for a down payment, FHA loans are normally less expensive than conventional loans. On the other hand, if you have good credit and at least 10% for a down payment, an FHA loan may be more expensive than a conventional loan.

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