FHA insured loans require mortgage insurance to protect lenders against losses that result from defaults on home mortgages. FHA mortgage lending limits vary depending on several factors like of type of home, the state and county in which the property is located.
With a FHA mortgage loan applicant’s credit score is not the primary factor driving the underwriting decision. FHA considers the borrowers entire credit history and specifically look for a pattern of timely payments on their current and past mortgage payments. See more details at www.FHA.com.
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