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    Edmundo Daco Jr.

    It is actually easier to get an FHA loan compared to private lenders mortgage loan. Because the government is backing up your loan, lenders are more keen to approve your loan application. FHA makes it easier for all people of all status in life to own a house.

    FHA loans have smaller down payment requirement which can go as low as 3.5%. It has no income limit, you just need to show that you can pay back the loan. Even with low credit score, you will still be able to get an FHA loan. The only requirement that you have to work out is your debt-to-income ratio, which must be low. It means that your monthly loan repayments must be much lower than your income.

    Although FHA loans are easier to apply for, you can not get a huge amount of loan even if you have high income. If you are aiming for a much more expensive property, it might be more practical for you to apply with private lenders.

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