By: Tiffany Douse

Tiffany Douse — Thu, 29 Jan 2009 03:31:04 +0000

I have had two FHA loans and they were great options for me and allowed me to become a homeowner. They have always worked for me. Unfortunately with everything that is going on, tighthening the credit criteria for FHA loans will not allow many Americans to get back into their homes. What will we do with all of these houses on the market? With all of the people who now have blemishes on their credit and have lost jobs, The FHA is going to need to take the “HUMAN BEING” into consideration vs. just a credit score. Americans are also going to need mortgage programs that allow zero down and still get a mortgage at an affordable rate. That is what started this mess. America is no longer a place where you can afford 10 and 20 percent down payments. Why have such great low rates at a time where millions of Americans can’t get approved for a Loan? The mortgage company’s need to implement insurance programs like the crazy credit card company’s have where you pay a little more on your mortgage each month but your mortgage can be covered for 6 to 12 months in the event that you loose your job or become disabled or ill. Why do we think to put that type of protection on credit cards but not on our prescious homes?

Comments on: Low Down Payments Out There: FHA Says Yes

By: Tiffany Douse