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Although the insurance
protection concept is similar, there are differences between private mortgage
insurance and FHA mortgage insurance. FHA insurance is a government-administered
mortgage insurance program that does have certain restrictions. FHA has maximum
regional loan limits that are lower than those with private mortgage insurance.
FHA may be more expensive, take longer to receive approval, and have fewer
payment plan options. FHA insurance lasts for the life of the loan, unlike
private mortgage insurance which is cancelable in most circumstances. FHA is a
good choice for some borrowers with credit history problems that might need
special assistance. |
