mortgage simple definition: What is an FHA Mortgage?

What is an FHA Mortgage?

What is an FHA Mortgage?. Lender's Mortgage Insurance: Why, What & How?

What is an FHA Mortgage? video duration 1 Minute(s) 35 Second(s), published by Blake Nelson Real Estate on 18 09 2019 - 20:47:50.

Hello again from Real Estate Land
Great question this week
I get this question all the time
Ashley from Lawrence sent me a text this morning, “What is an FHA Question: Do you charge for a intrest rate lock?

If you're waiting for the perfect time to get a home loan then you may miss it
Don't let this mortgage myth hold you back for getting a home mortgage
Click to It's an increasingly common calculation for British Columbians, especially in the Lower Mainland: is it more cost-effective to rent or take on a mortgage?. JustAskTim What Should I Know About Lender's Mortgage Insurance? Tune in weekly to hear Australia's leading financial educator, Tim Guest, answer your .

Hello again from Real Estate Land.

Great question this week. I get this question all the time. Ashley from Lawrence sent me a text this morning, “What is an FHA mortgage?” This is a great question.

First off FHA stands for Federal Housing Administration. Most people think it stands for First Time Homebuyers. It stands for Federal Housing Administration. Three important bullets to know about this type of mortgage.

One: it allows a lower credit score. So your credit score can be less than par and still get a mortgage.

Two: It allows for a higher debt to income ratio. So for example, if you're coming out of college your income hasn't skyrocketed yet but you still have some college debt, you can still get a mortgage.

And then, of course, the third thing is that it allows for a gift. So mom, dad, brother, uncle could gift you the three and a half percent down mandatory down payment. So it's only three and a half percent down and that can be a gift. So the argument virtually is you can buy a house with nothing down. If somebody gifts you the downpayment, your debt to income ratios are a little askew, your credit score is a little bit lower. you're still buying a house and I'm still your agent.

So call me! An FHA mortgage does come with additional terms and most consumers fear the inspection requirements. They're no different than anything else. If it's so bad that we can't get an FHA mortgage on it, I'm not selling you the house anyway. Call me.