Should you try to pay your loan off early and cut out a chunk of the interest due? S ure, you get a tax deduction for the interest you pay on your mortgage, but that doesn't mean you aren't heartsick about all that interest. As stated earlier, FHA mortgage is a way for homebuyers to obtain financing for their homes. All home purchases require buyers to make a certain set percentage of the total purchase price, called the down payment. What the FHA mortgage insurance does therefore is to allow a homebuyer to make a modest down payment and obtain a mortgage for the balance of the purchase price.
