Part II - Did You Know this about FHA Loans?
I was finding out such great information regarding buying a home using a FHA loan that I thought I should finish it up today. When we finished up last time I was sharing about no minimum FICO Score. That one is so huge to me I just thought I had to mention it again. Hold on to your seat, because this is going to be an eye-opener for many reading this blog.
FHA will allow a home purchase three years after a Foreclosure. How long has it been that we have been hearing news story after news story after news story about foreclosures in numerous states. Watch your local and world news, I am sure you will see that this is still a top story. Why you ask? People who are in a foreclosure situation have to go somewhere whether it is back to apartment living, living with a relative or renting a house. They have to have options as well.
Here is something that I wasn’t aware of and thought you should know as well that you do not have to be a first time home buyer to obtain a FHA loan. Anyone may use a FHA loan as long as you don’t have more than one FHA insured loan at any one time. Well that definitely makes sense.
Maybe you have read this and ask is there financing available? There is financing available. Different programs have 100% financing available. I have always been cautious about doing 100% financing because that can make your monthly payment more than you can afford. For that reason, I recommend you research the down payment assistance and closing costs. Do not put yourself in a bind for a home loan or you will not enjoy what is supposed to be the American Dream.
Here is a fact about using a FHA Loan that I did not know could apply to the FHA Loan and I believe it will benefit many more people as time goes on. Self-Employed individuals can apply for a FHA Loan. I am shocked by this. When my husband and I were in the process of searching for another home and he had become self-employed, they talked to us about a No Doc Loan but there was never any mention of a FHA Loan. We did not go with the No Doc Loan because I continued to work. So we had options. Whether you are getting a FHA Loan or anything else, make sure that you have options that you can live with.
I have shared some of the different advantages of the FHA loan program that should assist you in making an informed decision when it comes to home loans. Is there all there is to the FHA loan program? Of course not; however, I wanted to give some brief insight into the program so you would know what exists.
I know from my own research, I would advocate people look into FHA loans. I believe it would be a good solution in the long term.
