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To understand just how buying FHA mortgage leads makes sense, one will first need to understand just what an FHA mortgage is, and the idea behind it. FHA loans are loans that are backed by the Federal Housing Administration, or FHA, through insurance in order to cover any losses should the borrower default on their mortgage. This is a concept that began during the 1930's in response to a rush of mortgage defaults, and it continues to be a popular option for those looking to become first-time homebuyers today.
The benefits of an FHA mortgage are the low down payment required, and the ability to qualify even if the borrower has less than stellar credit, allowing young homebuyers a way to purchase a home even if they haven't had time to build exceptional credit or save the large amount needed for the down payment on other mortgage options. For a down payment on an FHA mortgage, only a 3.5% down payment is required on average, and those who have experienced credit troubles may still find themselves able to be approved for their loan. Loan companies across the country are buying FHA leads at a higher volume this year, as credit standards have been eased.
There are several reasons why buying FHA mortgage leads makes sense, and the top 5 of these reasons are:
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