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There is a common misconception that FHA loan are for first time home buyers only. This is not true! Anyone can apply for a FHA loan. If you have several houses, you can still apply!

A requirement of a 3.5% down payment is needed for a FHA loan. You can get this as a gift from a relative too! If your credit score is not perfect, that’s ok! FHA loans can still get you a great 30 yr fixed rate competitive to a conventional loan.

To get a FHA loan, the property has to be your primary residence. A non-occupying person can even co-sign with you for a FHA loan. In most cases, you can have only 1 FHA loan at a time.

FHA loans are currently up to $625, 000. This is expected to go up to $729,000 after the government stimulus bill.

With what people are paying in rent, a mortgage payment could be very close in amount. A FHA loan, 3.5% down, and low interest rates make it possible especially with fallling house prices.

Similar Blog & News Articles

• See whether you can get mortgage relief available to 9 million American homeowners :: Personal Finance
• FHA Could Need Taxpayer Funds :: WSJ.com: Politics And Policy
• Worrisome Trend: FHA Sees Rise in Defaults on Its Mortgages :: Truthout - All Articles

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