A True and Trusted Friend

I have reserved this blog for one type of loan--The FHA Loan. It's a trustworthy friend that has been around the potential homebuyer since the 1930s. It was formed to encourage wider home ownership. Nowadays, with tighter underwriting guidelines and what I'll loosely call the dying off of Subprime loans (this is not entirely true but who wants to pay a few extra hundred on a mortgage payment due to higher mortgage insurance premiums--more on that in another blog), we need to resurrect and promote FHA.

Why FHA? As a Mortgage Consultant who has always closed credit challenged borrowers, this has always been my mainstay. It’s like the Many of my clients were fresh out of college or divorce or simply had credit challenges caused by some circumstance out of their control. Life had dealt them an interesting hand but they deserved a second chance. FHA is more lenient and forgiving when a client (s) has been down a rough road where credit or limited cash on hand is concerned. FHA also allows the borrower to use gift funds for the down payment.

Look to this blog to give you more information about the aspects of this loan, the requirements, as well as its benefits.