Business and Personal Finance Dictionary

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• FHA MORTGAGE
  
  If you take out an FHA mortgage, it means that the lender who gave you your mortgage is insured against loss by the Federal Housing Administration. You need to pay for this insurance through a combination of a monthly premium that is added to your monthly mortgage payment and a one-time upfront cost, although the upfront cost can be rolled into your mortgage loan so you can pay it off over time. This type of loan is popular because of the low down payment requirements and the lower interest rates offered, although the maximum loan amounts are also lower.
  
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