FHA home loans now require a higher insurance premium, which is 2.25 percent of the base home loan amount. USDA home loans, meanwhile, are still offered with no down-payment requirements.
There are certain steps that you must take in order to qualify for an FHA loan. Before you even think about submitting a loan application, you should make sure that you meet the FHA's basic requirements. Your credit history for the past two years will be looked at by the FHA, and you should have supporting documents if there are any issues.
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