What is FHA Loan? | REAL-ESTATE-SALESPERSON Exam Prep

An FHA loan is a government-backed mortgage insured by the Federal Housing Administration that allows qualified borrowers to purchase homes with down payments as low as 3.5% and requires mortgage insurance premiums (MIP) for the life of the loan in most cases. 📚 Learn more about FHA Loan and other key terms for your REAL-ESTATE-SALESPERSON exam at Open Exam Prep. 🎯 This term appears on: REAL-ESTATE-SALESPERSON 🔗 Full glossary: https://www.open-exam-prep.com/glossary 🔗 FHA Loan definition: https://www.open-exam-prep.com/glossary/fha-loan 💡 Exam Tip: FHA = 3.5% down (580+ credit), MIP required for LIFE unless 10%+ down. FHA INSURES loans (does not make them). Primary residence only. Upfront MIP = 1.75%, annual MIP = ~0.55%. --- #real-estate #examprep #financeexam #real-estate-salesperson