Financing Your new Home
In todays market when speaking with your mortgage company it’s a good decision to look at both FHA and Conventional mortgages to see which one fits your needs. In the past few years the trend has been to use conventional, however, due to FNMA tightening their requirements and FHA increasing their cap to $335,000, in our area. ( It does vary in different parts of the country) FHA has become a good alternative once more. FHA offers many benefits and protections that only come with FHA
Because FHA insures your loan it’s easier to qualify.
Low Downpayment of 3% which can be a gift from a family member, employer or a charitable organization other loan programs do not allow this.
It’s always wise to compare an FHA loan with the other loans you are considering so you can look at your choices and see which will suit your needs long term.
Sheila
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