1. There is no such thing as an FHA loan. FHA is an insurance comapny for the lender making the loan. Its only a loan provided that FHA insures the lenders against loss. It has to meet their guidelines, if it does they insure it.To give an example state farm doesnt give loans to buy your car. But if you dont get insurance from them a lender wont let you buy it. FHA is only an insurance comapny. The lender knows if they give you a loan, FHA will insure against loss.A FHA loan only means the lender is only following the guidelines of FHA. If they follow those guidelines you pay mortgage insurance so the lender doesnt have to worry about loss.There is no such thing as an FHA loan. Thats just the insurance comapny. Like allsate is your car insurance, thats all they do. Allstate didnt give you the loan, they just insure loss.

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