UrbanBaby

06.27.08, 19:12 PM General Topics
3 replies

I asked last night, but did not get a response: Is anyone familiar with FHA home mortgage loans? Are they good? How are they different from regular mortgage loans? TIA [ Reply | Watch | Flag ]
General Topics 06.27.08, 07:12 PM Flag

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I responded. They are government guaranteed loans, available up to about $360K if you live in a high cost area and lower than that in other areas. There's no difference really, but if you have a limited income or bad credit, FHA loans can be easier to qualify for these days than a bank loan. [ Reply | More

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General Topics 06.27.08, 07:15 PM Flag

Thank you. I guess that after waiting I logged off too early. Thank you for this information. We have a good income and excellent credit, but because of a family incident, we were not able to save as much as we would like to but we want to buy now. THe bank has offered us this type of loan and said we can get it with only 3% down on the mortgage. This sounded too good to be true so I am doing my research. [ Reply | More

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General Topics 06.27.08, 07:18 PM Flag

3% down sounds right. They are guaranteed for default, so the minimum is low [ Reply | More

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General Topics 06.27.08, 07:27 PM Flag