FHA may be the best financing option of 2009.
Why is the FHA program so good?
1st, you can get a fixed-rate loan at a decent rate. This is very important because unprecedented government spending and balance-of-payments deficits could cause inflation and the devaluation of the dollar — bad news for those with adjustable-rate loans. If inflation becomes an issue loan rates and monthly payments will soar for ARM borrowers.
2nd, there is no prepayment penalty or other funny business.
3rd, HUD, to its credit, tries to help FHA borrowers who run into hard times.
4th, the application process is very clear: You have to provide paperwork and verifications, the way loans should always be underwritten.
5th, you can buy with 3.5 percent down.
Tomorrow: Applying for a FHA Loan
Potentially Related Posts: 7 Facts About FHA Mortgages
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Richard Stabile Bergen County Real Estate said
I have been selling real estate in Northern New Jersey for over 30 years. When I first started we did FHA mortgages. For most of the 30 years I hardly saw them until the crisis started. Now they are the lender of last resort for $625K and under in our market. 600 credit score, 3.5% down it is great.
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