FHA financing
FHA is the Federal Financing Administration's mortgage. It is obtained by going to the same lender as a conventional mortgage. It is insured by the government so if the buyer does default, the lender will still get its money. Too many people think it is first time buyer's money. It is not. It allows for as little as 2.25% down whereas conventional financing requires 5 and in some cases 10% down. It will allow gift funds. It also allows the buyer to have a higher debt ratio. It is assumable so when you go to sell the next buyer might want to assume your mortgage. When we had zero down financing, we saw the FHA mortgage drop off the radar. It is back in full force and should be given the respect it always should have had. In the metro area of the Twin Cities the FHA mortgage can be used on a purchase price up to $365,000.00.Go for it!
Date: Friday, April, 4th 2008 @ 04:53:49 PMViews: 130
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