debunking the myths regarding fha loans
TRANSCRIPT
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FHA loans have been around for along time and have had many
changes along the way. Becauseof that, many people have
misconceptions regarding theprogram.
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This is perhaps, the largest myth. Yes, theFHA loan used to be a popular programstrictly for first-time homebuyers, buttoday, there are people of all ages andwith all types of housing history that use
the program.
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You do not have to purchase a single familyhome. You have to purchase a one unit propertyin most cases, but that includes condos and
townhomes. If you choose to use FHA financingfor a multiple unit property, you simply have toprove that you will occupy one of those units.
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This truth depends on the lender you use, aseach lender can create their own rules in
addition to following the rules the FHA sets, butmost lenders will use non-traditional credit toqualify you for a loan if you do not have enough
credit to qualify.
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Myth:
YOU DECLARED
BANKRUPTCY SO NOW
YOU ARE NOT ELIGIBLE
FOR THE FHA
PROGRAM.
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It used to be that you would have to wait manyyears to get an FHA loan after a bankruptcy –
typically 7 years. Today, however, you can waitas little as 2 years for a standard bankruptcyand even less time (12 months) if you have
extenuating circumstances.
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Most people that apply for an FHA loan will beable to take advantage of the low down paymentrequirement of just 3.5 percent of the sales price,
but not everyone will be able to do this.
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The truth is that yes, you can finance a condowith an FHA loan, but not every condo. The
condo association must go through an approvalprocess first. If they do not get approved by theFHA, then no one can use FHA financing to
purchase a unit in that association.
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The truth is for any loan, you do not need to makeA LOT of money. What you need to make is
enough to cover the mortgage you intend to takeon in addition to the other monthly obligations
you have and still have money left over.
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Finding the
BestFHALender is a onestop shop offering
useful information about FHA loans and
enabling customers to shop for multiple lenders.
Best FHA Lender
CLICK HERE TO LEARN MORE
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Information Provided by
He is Americas Mortgage Commentator
and has been providing Mortgage
commentary for over 10 years.
Justin Mchood
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