 TITLE: How to Get an FHA Loan CONTENT: How to Decide Whether an FHA Loan Is the Right Choice\n-----------------------------------------------------\nNot sure you should get an FHA loan? These loans have many benefits that make them an attractive option:\n*   **Relaxed qualification criteria**: This is particularly helpful if you have a low credit score or minimal cash reserves on hand to make a down payment and cover closing costs.\n*   **Competitive interest rates**: Conventional loans typically have lower interest rates than FHA loans. However, you can get a far lower rate on an FHA loan than you would on a so-called \"nonprime\" mortgage available to those who have lower credit scores. Also, interest rates are fixed on FHA loans, so your payment will remain the same over the life of the loan.\n*   **Closing costs**: You have the option to roll some of your closing costs into the loan and pay them over the loan term. This can help you keep more cash in your pocket.\nThere are, however, some potential downsides to consider, including:\n*   **Mortgage insurance**: It's mandatory and may be required for the life of the loan.\n*   **Stringent appraisal standards**: Not all properties qualify for FHA loans, and the home you purchase with the loan must be used as your principal or primary residence.\nUltimately, it's up to you to decide if an FHA loan works for your financial situation. Weigh the pros and cons to determine if the benefits of this type of loan outweigh the costs of carrying mortgage insurance. END