FHA Loans: All The Things First-time Homebuyers Must Know

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Mortgage insurance
All FHA loans require mortgage insurance. For those who make a down cost of 10% or more, you will pay mortgage insurance coverage for the primary eleven years of the mortgage. For those who solely make a down cost of less than 10%, you'll have to pay for insurance coverage until you repay the mortgage -- or refinance with a standard mortgage with no less than a 20% down payment.

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