FHA Loan vs. Conventional Loan: Which one is right for you?

Definitions FHA loan is a mortgage which is guaranteed by the Federal Housing Administration (FHA). A conventional loan refers to a traditional home loan without any government backing. For an FHA loan, the FHA agrees to pay for a large portion of the balance of a loan if a borrower defaults on the loan, this is what’s meant by the FHA insuring the loan. This insurance means the lenders can provide FHA…

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