Federal Housing Assistance loans are a popular way for those with less than perfect credit to apply for a mortgage. They only require small down payments from borrowers and are touted as FHA insured against default. The reality is that the borrower actually pays the costs of the mortgage insurance protection as an upfront payment and as a continuing monthly payment.
FHA mortgage loans do have the advantage of being assumable, which means a home owner can pass the mortgage onto a new buyer which has advantages as it reduces the mortgage origination costs to the purchaser. It also protects borrowers from relying on subprime lenders to secure a mortgage.
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