Paul is 23 years old and has a small amount to use as a down payment for his first house.He might be eligible for a(n)

Question

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Out of all the options given, the most suitable choice for Paul could be a FHA (Federal Housing Administration) loan. This loan is backed by the government and is primarily designed to help first-time homebuyers who might have a small down payment or low credit score.

The FHA loan program offers relatively low-interest rates and down payment options as low as 3.5% of the purchase price. Moreover, FHA loans have flexible qualification guidelines, making them easier to obtain compared to other conventional loans.

Hence, given that Paul is a first-time homebuyer with a small down payment, an FHA loan could be his best option to purchase his first house.

Paul Is 23 Years Old and Has a Small Amount