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If you are looking for a FHA home loan with bad credit and no money down you will likely need down-payment assistance to cover the 3.5% minimum down that the Federal Housing Administration requires to insure.
Usda Direct Home Loan Loan Types For Houses These FHA loans and 203K loans are both insured by the , but they differ in the types of property they’re suitable for. FHA loans, in general, are geared towards owner occupants financing a primary residence. 203K loans are better suited to buyers who are interested in fixing up a property.