Finance
An FHA loan in New Mexico differs from a conventional loan primarily because:
AFHA loans are only for first-time buyers
BFHA loans are insured by the federal government, allowing lower down payments and credit scores✓ Correct
CFHA loans have no interest
DFHA loans do not require a property appraisal
Explanation
FHA loans are insured by the Federal Housing Administration, which allows lenders to offer lower minimum down payments (3.5%) and accept lower credit scores than conventional loans require.
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