Commercial Stated Income Loans – Good and Bad
Article by Jeff Rauth
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Question by cornfed: What are the pros and cons to a FHA home mortgage loan?
I have terrible credit but have been pre-approved for FHA at 6% interest fixed for 30 years.
I’m wondering if this is the way to go or if there are better ways to buy a home.
I’m a single mom, website live in Iowa, illness have very little for down payment, page good rent and work history, and signs that I’ve been working to improve my credit rating.
Best answer:
Answer by aCeRBic
There are really very few options at this point in financing a home. Most lenders that thrived during the real esate boom of this decade have gone bankrupt, most of the remaining lenders that have survived are so severely weakened they have limited mortgages to those that have near perfect credit and at least 10% down. If I had that FHA loan: 6% fixed with small down, I’d run with it. You’ll probably need to pay a PMI.
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If your scores are really terrible that is an incredible rate.
If you got approved for an FHA loan for 30 years fixed at 6%, you’ve got about the best deal anyone can hope for! Grab it!
The Fed funds and discounts rates may be down, but mortgage rates are increasing, fixed rates are becoming more rare because interest and inflation rates are increasing. And people with anything less than the best credit are being denied. Credit is very tight and the economy is tough right now.
Next time, do your homework FIRST, then apply for loan, credit card, mortgage, etc. You lucked out this time, but if you don’t do your homework first, you could get yourself into a terrible mess.
We’re going with an FHA loan, and we’re really happy with it. I feel like they’re protecting us by not letting us get into more than we can handle. (I understand it’s really to protect them, but I think it really works out best for everyone involved in our case.)
After we got our pre-approval, a relative suggested we shop around for a better loan. I called 3 mortgage brokers. All 3 told me we were getting the best deal with our current FHA. Woo Hoo!