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When it comes to FHA (Federal Housing Administration) loans, there has been a common misconception circulating for some time. Many people believe that the minimum down payment required for an FHA loan is 3.5%. However, it's time to set the record straight and debunk this myth once and for all. In reality, the minimum down payment for an FHA loan is not 3.5%, but rather 10%. This misconception might have arisen from outdated information or misunderstandings. It's crucial to be well-informed about the actual requirements when considering an FHA loan for your home purchase. FHA loans have been popular among first-time homebuyers and individuals with lower credit scores, as they offer more lenient qualification criteria compared to conventional loans. The 10% down payment requirement is still lower than what you might encounter with some conventional loan programs, making it an attractive option for many. However, it's essential to understand that the down payment is just one a