FHA is talked about so much that people aren’t sure what to believe. We hear about great low rates, easy processes and it’s all hard to believe because of where we are today. So, what does this all mean? Do consumers even care?
Being comfortable with the process has a lot to do with what choices we make. If you aren’t comfortable with the process, then don’t make a move. However, it is your responsibility to become informed before choosing FHA, or any loan for that matter. Without information, what do we have? Knowledge is power, and without that, we are lost.
Becoming educated is half the battle. Once you have the information on FHA, you can make a decision. Once you make a decision you need to act on it. Knowing what FHA does is helpful, because you don’t want to be misled. FHA is the Federal Housing Administration, and they insure loans for private lenders. This may include some banks, and some credit unions, but make sure before you get into the process.
FHA does not loan money, but they insure the loan; so, they guarantee the lender that if you default on the loan that they will pick it up. This all sounds so great, but so many people didn’t get this loan because they didn’t know anything about it. Everyone runs around screaming conventional, and they don’t know what it means.
Check out my website, www.fhaloansnow.net for more information, or email me directly at mdallal@fhaloansnow.net.
-Mayer Dallal
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