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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.
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