FHA is All the Rage!

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

The Beginning of an FHA Home Purchase

When shopping for a home, make sure that you get your FHA prequalification before hiring a real estate agent. The real estate agent needs to know that you are equipped to buy the home, before they spend time doing the shopping on your behalf. They too spend a lot of time to help you find your new home. Using a real estate agent that is familiar with the FHA guidelines and qualifications will save you a lot of time and money in the process of buying your new home.




Once you find a home that you like, you will submit an offer through your real estate agent. If the seller counters your offer, you will want to try and negotiate until you can all come to an agreement. Once the seller accepts the offer it will become a legally binding contract. You will need to make sure that everyone is aware of any contingencies in the contract, and that any seller concessions have been accounted for.



Make sure that any offer is contigent upon getting a home inspection. Your home inspection will give you more information on the details of this property. For example, if the heating system is 25 years old, that is something you will want to know. That way if any changes need to be made to the contract they can be, as well as any repairs that you would like to have done.

-Mayer Dallal