Answered

21. Which statement about FHA-insured loans is TRUE?

A. FHA loans are intended only for low-income borrowers.
B. FHA loans require a smaller down payment than conventional loans.
C. FHA provides funds directly to borrowers.
D. Only first-time homebuyers can qualify for an FHA loan.



Answer :

GinnyAnswer

Final answer:

FHA-insured loans have a lower down payment requirement compared to conventional loans, making homeownership more accessible.


Explanation:

FHA-insured loans offer a smaller down payment option compared to conventional loans. For example, the minimum down payment for an FHA loan is 3.5%, making it more accessible for borrowers. This provides an opportunity for individuals to purchase homes with a lower upfront cost.


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