FHA loans allow borrowers with limited cash or credit to qualify for a mortgage on their primary residence. There is no minimum income required for an FHA loan, and you don’t need to be a first-time home buyer. You must simply demonstrate a steady income and the ability to make a 3.5% down payment on your home.
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Note that all FHA loans require you to have mortgage insurance for at least some part of the duration of the loan, and rates may be a little higher than typical conventional loans.
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