The Federal Housing Administration (FHA) offers government-insured loans that
are easier for first-time homebuyers to obtain. These loans can be obtained for
as little as 3% down payment and often have financing available for closing
costs. If you don't have cash available for the down payment, a gift from a
family member or cash from a non-profit assistance program is acceptable. The
seller can also credit up to 6% of the sales price to the buyers costs. FHA
loans are available in several options; conventional mortgages and adjustable
rate mortgages or ARMS. The option you choose will depend on your personal
financial situation and how long you intend to be in the home.
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