So let's talk about the basics of FHA loans. While the Federal Housing Administration has been around 80 years, loans secured by the FHA have become much more ubiquitous over the past half a dozen years or so. This is largely due to the fact that, ever since the systematic elimination of sub-prime mortgages, an FHA-insured loan is a great option for those individuals who might not fit the rather strict underwriting criteria found on prime (AKA A Paper) loans. Here are some of the pros and cons of these types of loans
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Not bad, right? Well, let's now proceed to the cons
So the logic behind these loans is pretty simple; the FHA will insure loans given to borrowers whose credit profile may be deemed too risky for conventional, A Paper products. In order to compensate for this risk they shoulder, they require both the monthly mortgage insurance as well as the FHA funding fee to be paid by the borrower.
It also needs to be stated that the FHA doesn't issue mortgages, they simply insure them. What that means is that if you want to obtain an FHA loan, don't bother contacting the FHA. Youd have to contact a lending institution directly. They would write/issue the loan that would be insured by the FHA.
As I'm sure you realized, this posting is just supposed to highlight some of the prominent aspects of this type of loan. As such, it's not intended to be all inclusive, so if you have additional questions regarding program details or your ability to qualify, you can contact a local lending institution or myself.
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Posted in Financial Services Post Date 03/31/2018