Finance
What is the primary benefit of an FHA loan for a North Dakota homebuyer?
ANo interest is charged for the first five years
BLower down payment requirements (as low as 3.5%) for qualifying borrowers✓ Correct
CNo mortgage insurance is required
DThe loan is assumable without lender approval
Explanation
FHA loans are insured by the Federal Housing Administration and allow qualifying borrowers to purchase with as little as 3.5% down, making homeownership more accessible, particularly for first-time buyers.
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