Conventional loans are extremely stringent, so unless you have perfect pay in every single account you have, and have a wallet full of cash then an FHA mortgage may be the best option for you. With the economy the way it is, it does offer some good buys for homeowners, but it’s best to keep in mind that we need to be lending and borrowing responsibly. Regardless of the proposal for the home you are looking at, if you are not comfortable with anything regarding the process you need to say so.
Remember, FHA itself is not guaranteeing that every consumer will get a loan, and they aren’t granting the loan themselves. FHA simply insures the loan, meaning they promise to pay the loan when the borrower defaults on the loan. This insurance to the lender doesn’t guarantee that everyone will be approved for an FHA mortgage; those who apply will still need to qualify based on their income, credit and abide any FHA guidelines regarding the property.
For more information on FHA loans, and how to qualify, you can go to www.fhaloansnow.net.
-Mayer Dallal
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment