FHA – Solution for Many
Over the last couple of weeks, I have steadily been keeping up with the news on mortgages and what is happening in the industry. Let’s give a brief recap because no matter what you read, you are going to find that many copies are returning to offering FHA products as a part of their equation. I honestly cannot blame them because there are so many people dealing with situations that they didn’t even know they would face. Consequently, they need viable options and FHA provides realistic solutions.
As recent as yesterday, I read that Sun West Mortgage Company has launched a web-based training series, its free and on comprehensive FHA and reverse mortgage. As a person that has taught web-based training, it is a huge advantage and allows many different people to attend that otherwise might not have the opportunity.
I must applaud them for being one of the companies that steps out and offers this program in another format. Mortgage professionals can schedule themselves for the class and even without knowing the details of this class; I do believe that it should be researched. Find out the ins and outs of the different classes and how it can benefit your career as you are in a position to help many homeowners.
I read another article that stated Green Valley Mortgage in Bloomingdale recommends if you are a first-time buyer to consider an FHA mortgage. The senior loan consultant for Green Valley Mortgage outlined some of the requirements for an FHA loan. When I read there are some down sides and one of them being that the mortgage must be $275,200 or less it made me want to stand up and say — choose a starter home and do not focus on your dream home. You will set yourself up for success versus failure if you begin with a starter home. Depending on the area where people want to live, you should be able to find a starter home within the parameters of an FHA mortgage.
The next topic that continued to be discussed was reverse mortgages. Understand that the reversed mortgages are being offered to the older home owners. What I wasn’t aware of and you know how much I love learning is there are three types of reverse mortgages. The types are FHA-insured, lender insured and uninsured. As with anything, the parameters are different for each. Research, research and more research. Even with an older home owner, especially if this is an elderly parent, I would also recommend they in particular talk this option over with an adult child or even a lawyer to make sure that you are not being taken advantage of, nor going to lose your shirt because you did not foresee a situation.
Whether you are a first-time buyer, someone who seeking options to avoid foreclosure or even an older home owner looking at options, FHA offers many solutions that should be considered. If you do not fit into one category that does not mean another option is not available. As I have stated throughout, do your research and find out what is best for you. It is a new year and let’s make better decisions.
Dr. Taffy Wagner
