‘Attractive FHA” Top 10 reasons
Published by popelynne April 3rd, 2008 in Loans/Finance. by popelynne Tags: Fannie Mae, FHA.I never pictured this before. FHA seemed like a bunch of guys in a smoke filled room with Fannie Mae some old grandma with an apron and nylons crumpled around the ankles.
The Federal Housing Administration www.hud.gov/offices/hsg/fhahistory.cfm.
Attractive seemed like a joke when I heard it. So I had to ask. Here goes.
1. Buyers 3% down
2. No deduction of 5% in our downturned market
3. 30 or 15 year fixed up to 729,750.
4. Gift ok if not seller or agent
5. Some condos were FHA approved by builders
6. Website www.hud.gov to see if the condo you want is FHA approved
7. Impound accounts ( I have heard that a seller can pay closing costs recurring and non recurring
8. What goes around comes around and so did FHA
9. You get what you pay for and the FHA is going to make sure it’s only a house
10. There is little liquid money out there…and the feds are coughing up some “paper stuff” to help the buyers buy a home with what paper money is left after all the Big Deal Businessesbail outs, we know they are in trouble and we better get some house while we can. Will interest go up? Y E S it will.
Fannie Mae FHA
It’s been so long since I had a client who used an FHA loan. We will be seeing more now that the limit has been raised and conventional money is tighter.