One of the main benefits of an FHA Mortgage is that the program is more lenient about approving loans when you have had a previous bankruptcy, short sale or foreclosure. In most cases if (2) years have passed since a bankruptcy you’re more likely to be approved for an FHA loan vs. a Conventional Loan.
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If you are considering this type of mortgage loan, you need to weigh all of the pros and cons. Downside: Possible Disadvantages of Using an FHA Loan. Before we discuss the downside of this program, let’s briefly look at the upside. fha loans are well suited for borrowers who have little cash saved up for a down payment.
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Another edition of mortgage match-ups: “FHA vs. conventional loan.” Our latest bout pits FHA loans against conventional loans, both of which are popular home loan options for home buyers these days. The home must meet all FHA property standards. suggests weighing the pros and cons before jumping into a reverse mortgage.. 30 year fixed fha
· Because FHA loans are insured, lenders can create loans with better interest rates and looser guidelines for qualification. The purpose of having the FHA insure these loans is to encourage people who may not otherwise be able to secure a traditional loan to purchase a home. Pros of Using an FHA Loan
Here are the FHA loan pros and cons to think about. List of the Pros of FHA Loans. 1. Lower credit scores qualify for FHA loans. Borrowers are able to obtain an FHA loan with a lower overall credit score than they would with a traditional mortgage product. In 2018, households who qualify for an FHA loan must have a minimum FICO score of 580 to receive a down payment advantage.
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