The Atlanta Journal Constitution gets it right! Their intrepid reporter contacted mortgage experts who gave the paper the lowdown on different types of loans, plus honest-to-goodness pros and cons. Here’s what they said about FHA:

FHA LOANS: FHA loans are backed by the federal government and generally have relaxed credit guidelines. They also allow lower down payments for first-time home buyers and come in a number of different loan products ranging from one- to five-year adjustable-rate mortgages to 15- and 30-year fixed-rate mortgages.
• Pros: The FHA loan program has down payment requirements that are low and credit requirements that are less stringent. The adjustable-rate products are good at protecting the borrower from severe rate increases.
• Cons: Borrowers may be required to pay upfront mortgage insurance premiums as well as monthly premiums.
• Most suited for: First-time home buyers and buyers with limited savings for a down payment.
• Least suited for: Buyers who can afford a 20 percent down payment.

This is the kind of educational information the needs to be out there and accesible to all consumers. Bravo!

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