Finance
In New Mexico, which of the following is a feature of an FHA loan that makes it attractive to first-time buyers?
ANo mortgage insurance requirement
BDown payment as low as 3.5% for borrowers with a 580+ credit score✓ Correct
CNo property condition requirements
DAvailable only for properties under $200,000
Explanation
FHA loans allow down payments as low as 3.5% (with 580+ FICO) or 10% (with 500-579 FICO), making homeownership more accessible.
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