With so many loans out there...and so much speculation as to what loan is the best I thought I would add in my 2 cents. There are a ton of loans... and I am NOT saying that there is one loan that is best for everyone.... no way would I say that.... yet I will say that overall for 'most' of the people that I come in contact with who are looking for a home there is one clear cut loan that works out best for them.... That loan is the FHA loan... Here are 10 reasons why the FHA is a great loan....
1. FHA requires down payment of 3%. This money can be a gift .
2. FHA has NO CLTV restrictions for Cash-Out refinance with 12 months ownership.
3. FHA DOES NOT get affected by current declining market policy.
4. FHA has NO Risk Based Price adjustment. (No price adjustment between 700 and 620)
5. FHA ALLOWS a non-occupant co-borrower for SFR.
6. FHA ALLOWS up to 6% seller contribution.
7. FHA DOES NOT require reserves.
8. FHA has lower monthly mortgage insurance.
9. FHA ALLOWS a bankruptcy after two years & a foreclosure after three years.
10. FHA has NO prepayment penalties .
Talk to a mortgage professional about what is best for you but PLEASE ASK ...
'is the FHA a good loan for me?'
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