What is the minimum down payment for FHA loans?

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Study for the Bob Hogue Sales Associate Exam. Prepare with flashcards and multiple-choice questions, each providing hints and explanations. Get ready to excel in your exam!

Multiple Choice

What is the minimum down payment for FHA loans?

Explanation:
The minimum down payment for FHA loans is 3.5%. This requirement allows more individuals to qualify for home financing, particularly those who may not have substantial savings. FHA loans are designed to help first-time homebuyers and those with lower credit scores access mortgage financing. By setting the down payment at 3.5%, the Federal Housing Administration aims to promote homeownership and make it more accessible to a broader audience.

The minimum down payment for FHA loans is 3.5%. This requirement allows more individuals to qualify for home financing, particularly those who may not have substantial savings. FHA loans are designed to help first-time homebuyers and those with lower credit scores access mortgage financing. By setting the down payment at 3.5%, the Federal Housing Administration aims to promote homeownership and make it more accessible to a broader audience.

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