FHA Home Loans in Northern Kentucky
What Is An FHA Loan? hat
An FHA is a home loan that's insured by the Federal Housing Administration.
What Are The Advantages:
FHA Loans require only 3.50% down (and that down payment can be a gift from a family member) offer a low fixed rate, have no area or income limits and are extremely lenient on credit scores and debt ratios.
What Are The Disadvantages:
FHA loans require an upfront mortgage insurance premium of 1.75% that is added to your loan. In addition FHA's monthly mortgage insurance is .85% (which is often higher than PMI on a Conventional Loan) and that mortgage insurance stays on your loan for the full 30 years.