Has anyone else here had an FHA loan. I had one long ago and perhaps things have changed but I remember it was expensive and difficult to get. The interest rate was slightly higher than the market, the PMI had to be paid in a lump sum and then financed so it never really went away and they were very strict about qualifications, including making the builder jump through hoops at stages during construction. When I sold that house my realtor had a printout advising me that if I sold to an FHA buyer I would net a few thousand less than if sold to a conventional buyer so we would need to accept a higher offer it the buyer had an FHA loan to reach my goal for net proceeds. I still don’t remember why I used them but I think it was because they were liberal about me being young and having such a short credit and employment history, I can’t remember because my adult ADD is acting up but I was about two weeks out of college when I bought my first house and they were the lender of last resort. Ahh, college kids buying houses right out of school and not defaulting on the loan, the good ole days were actually….good.
