Why FHA Condo Financing Is Important & FHA Financing Is absolutely important piece of a condo project.
FHA Condo Financing. First a little bit about FHA financing in general. Some of these may not apply to all buyers but one or more reason is likely to affect most.
The reason that affects most people is that the FHA rates for fixed rate mortgages are the lowest of all programs. FHA loans are guaranteed by the Federal Government. In all my years as a loan officer and owner of Homes And Loans the mortgage company the most common concern for buyers and borrowers is “what is my rate”? People want to shop for the best rate. The reason is legit. The lower the rate the lower the payment as well as the less you pay for interest over the life of the loan.
FHA financing, the guarantee by the government brings a buyer the lowest rate.
Next, purpose of the loan is to provide a second chance to those a lenient second chance for a credit glitch in their lives. It could be bankruptcy, careless credit behavior, new borrowers with limited credit history who may have a problem in the past. The underwriting rules for an FHA borrower are more lenient than conventional. Typically you can carry a little more debt. More common is the fact that if you have had no credit 30 day late reporting for the last 12 months your credit will qualify. Recovering and buying after a bankruptcy requires a shorter waiting period than conventional.
Credit requirements are more lenient.
An extremely valuable FHA feature is the reverse mortgage. I have written in a positive way about reverse mortgages. I am aligning myself to collaborate with a great company and an experienced loan officer. You can find these articles by clicking the category reverse mortgages in the blog piece if his site. So many people have an initial fear of a reverse mortgage, and they shouldn’t. When one has all the facts it’s an easy decision to make. FHA Condo Financing is important.
Reverse mortgages are an important part of FHA financing.
FHA has a low down payment feature. (3.5%) Yes there are non FHA products that have 3% down programs. But if you compare the interest rate of those programs you will find them less attractive. Some of those programs offer no mortgage insurance options, but look carefully as they raise the interest rate to make up for the insurance premium. FHA Condo Financing is important.
As you have likely observed I have been adding a lot of info about the condominiums in Salt Lake City. I do have more to place on this site. I will now start to add additional data as well as more properties. FHA approval and allowing pets are the next items of information I will add. Pets are a common questions..
To wrap this up FHA also has a strict approval policy. If you as a condo owner or buyer see that a property is FHA approved you will know that they have reviewed important details about the HOA. They analyze the financial condition, are there too many not paying their dues? Do the minutes of the HOA meetings disclose problems?
If for no other reason than stability of the HOA in general warrants going to the effort of the every two year process of an FHA approval. FHA approval sets a standard that I believe warrants all condo projects should be seeking. FHA Condo Financing is important.
I have posted on my site the contact info for a loan officer that includes the FHA reverse mortgage as part of her mortgage practice, Jynae Bird. I highly recommend that you contact her should you have any interest. I welcome to be the one to refer her to you, and my experience as a large mortgage company owner and years of experience as a bank and mortgage company loan officer give you me as an advocate. I will be glad to participate in your quest to know more. Jynae can be contacted by phone and 801-368-9344 or firstname.lastname@example.org. Prime Residential is an amazing company, you get them and Jynae.