There are a lot of misconceptions about FHA Loans. #1 is that many people think FHA Loans are only for first time home buyers. This is not true. You absolutely do not have to be a first time home buyer to be approved for an FHA Loan. In fact you can own multiple other properties and get an FHA Loan. Now it is true that you can only have one FHA Loan at a time and FHA Loans are only for primary residences. You cannot get a FHA Loan on an investment property or a second home.
Here are some other myths about FHA Loans that are not true and general highlights about FHA Loans:
- FHA Loans have as good or sometimes better interest rates than conventional loans
- FHA loans are generally more flexible with borrowers with credit challenges or bad or poor credit
- FHA has a great program to fixer upper houses call the FHA 203k loan where you will get the funds to purchase and fix the house all in one loan
- FHA Loans are not just for smaller loan amounts, you can get an FHA Loan all the way up to $729,750 for a condo or single-family home, $934,200 for a 2 unit, $1,129,250 for a 3 unit and $1,403,400 for a 4 unit. Loan amounts vary per county, so call me to check on your county limit
- FHA Loans work for owner-occupied 2-4 unit properties
- FHA Loans allow a gift for 100% of the down payment
- FHA Loans allow non-occupant co-borrowers to assist in qualifying
Please give me a call at 858-922-7899 or email at homeloan8@gmail.com if you have any questions or would like to get pre-approved for a FHA Loan.
Warm Regards,
Rob Chomentowski
Sr. Loan Officer (and FHA specialist)
858-922-7899
Importance of Importance of Cash Reserves in Applying For an FHA Loan and Getting Approved
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