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FHA loans require lower down payment, as low as 3% and usually have lower interest rates than conventional loans. Therefore FHA loans are usually easier to qualify for than conventional loans. FHA loans have a limit set on the amount one can borrow. This limit continues to change with time. Please ask your mortgage provider about the current limit. Also, FHA loans can be obtained only for property that is bought as a primary residence and not as an income property. Most of the time, there are additional closing costs associated with FHA loans, some of which can be included in the loan amount.
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