Finance
An 'FHA loan' in New York differs from a conventional loan in that FHA loans:
AAre made directly by the federal government
BAre insured by the Federal Housing Administration, allowing lower down payments and more flexible credit standards✓ Correct
COnly finance new construction
DRequire a minimum credit score of 750
Explanation
FHA loans are not made by the government but are insured by HUD's Federal Housing Administration. This insurance allows private lenders to offer loans with lower down payments (as low as 3.
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