• An FHA loan is a mortgage insured by the Federal Housing Administration

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• FHA loans only require a minimum of 3.5% down payment

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• This mortgage requires monthly Mortgage Insurance Premium, also known as (MIP) - this is similar to PMI for conventional loans

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• FHA loans typically have lower rates than conventional loans

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• Limited to a loan amount of $271,050 for a one family residence in Michigan

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• The loan can be fixed or adjustable

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• FHA loans can only be used for a primary residence

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• The variety of term options are limited, compared to a conventional platform