FHA Loan-Perfect for me?

[admin]

I’ve had a lot on my mind tonight. Most of you know the unpleasant situation I was in. Well, I found me a brand new spacious apt. with granite countertops, new appliances, exercise facilities, pool in a good area. I’m out of the situation with the rent-skimming landlord and mice. They look like nice condos and I’ll be paying 200 less rent! I didn’t want to rent another house as I want to save on utility costs. A brand new garage is included in the price. I’m pretty happy. 🙂

Now, I’m looking to buy a house in 12 months. By that time, I’m thinking prices should be where I want them. So, what do you guys think about FHA Loans? It seems like it would be perfect for me. For those who know, tell me the good and the bad (is there is any) of FHA Loans.

Thanks.

[temeculaguy]

In 12 months, FHA will probably be much different than it is today, it is the frontline for political tinkering. Traditionally it was best for first time buyers and those without 20% down. In the last 5 or six years, the private sector loans went past what FHA ever insured, PMI, 0 down and piggyback loans made FHA irrelevent. In a year, those things may all be part of a history book and FHA insured loans might be the only game for sub 20%, but we will see. It was part of the soloution to the Great Depression so if we end up in GDII, it will play a bigger role.

My first loan was an FHA loan and I can tell you it did what it was designed to do, got someone just out of college a home loan with little down and student loans, for me it was the only loan I could get at the time. Right now, I don’t think it is competative, rates are higher, requirements are stricter than the loose money we’ve seen of late.

When the day comes and you go to get a loan, just compare rates and payments, weigh PMI, FHA MMI and all the factors one would when buying groceries and pick the best one for you. There’s no magic in any loan program, you have to pay them all back. If it has a lower payment, there’s a catch. As the saying popularized by Milton Freidman goes “There’s no such thing as a free lunch.”

Congrats on the new place.

[Anonymous]

Thanks, TG.

[Raybyrnes]

Better off with a CHAFA loan and you can combine this with the CHDAP program. (California Housing Finance Authority) California Downpayment assistance program.

http://www.calhfa.ca.gov

Make use of your California Tax dollars.

[Raybyrnes]

Better off with a CHAFA loan and you can combine this with the CHDAP program. (California Housing Finance Authority) California Downpayment assistance program.

http://www.calhfa.ca.gov

Make use of your California Tax dollars.

[Raybyrnes]

Better off with a CHAFA loan and you can combine this with the CHDAP program. (California Housing Finance Authority) California Downpayment assistance program.

http://www.calhfa.ca.gov

Make use of your California Tax dollars.

[Raybyrnes]

Better off with a CHAFA loan and you can combine this with the CHDAP program. (California Housing Finance Authority) California Downpayment assistance program.

http://www.calhfa.ca.gov

Make use of your California Tax dollars.

[Raybyrnes]

Better off with a CHAFA loan and you can combine this with the CHDAP program. (California Housing Finance Authority) California Downpayment assistance program.

http://www.calhfa.ca.gov

Make use of your California Tax dollars.

[Anonymous]

Thanks, TG.

[Anonymous]

Thanks, TG.

[Anonymous]

Thanks, TG.

[Anonymous]

Thanks, TG.

[temeculaguy]

In 12 months, FHA will probably be much different than it is today, it is the frontline for political tinkering. Traditionally it was best for first time buyers and those without 20% down. In the last 5 or six years, the private sector loans went past what FHA ever insured, PMI, 0 down and piggyback loans made FHA irrelevent. In a year, those things may all be part of a history book and FHA insured loans might be the only game for sub 20%, but we will see. It was part of the soloution to the Great Depression so if we end up in GDII, it will play a bigger role.

My first loan was an FHA loan and I can tell you it did what it was designed to do, got someone just out of college a home loan with little down and student loans, for me it was the only loan I could get at the time. Right now, I don’t think it is competative, rates are higher, requirements are stricter than the loose money we’ve seen of late.

When the day comes and you go to get a loan, just compare rates and payments, weigh PMI, FHA MMI and all the factors one would when buying groceries and pick the best one for you. There’s no magic in any loan program, you have to pay them all back. If it has a lower payment, there’s a catch. As the saying popularized by Milton Freidman goes “There’s no such thing as a free lunch.”

Congrats on the new place.

[temeculaguy]

In 12 months, FHA will probably be much different than it is today, it is the frontline for political tinkering. Traditionally it was best for first time buyers and those without 20% down. In the last 5 or six years, the private sector loans went past what FHA ever insured, PMI, 0 down and piggyback loans made FHA irrelevent. In a year, those things may all be part of a history book and FHA insured loans might be the only game for sub 20%, but we will see. It was part of the soloution to the Great Depression so if we end up in GDII, it will play a bigger role.

My first loan was an FHA loan and I can tell you it did what it was designed to do, got someone just out of college a home loan with little down and student loans, for me it was the only loan I could get at the time. Right now, I don’t think it is competative, rates are higher, requirements are stricter than the loose money we’ve seen of late.

When the day comes and you go to get a loan, just compare rates and payments, weigh PMI, FHA MMI and all the factors one would when buying groceries and pick the best one for you. There’s no magic in any loan program, you have to pay them all back. If it has a lower payment, there’s a catch. As the saying popularized by Milton Freidman goes “There’s no such thing as a free lunch.”

Congrats on the new place.

[temeculaguy]

In 12 months, FHA will probably be much different than it is today, it is the frontline for political tinkering. Traditionally it was best for first time buyers and those without 20% down. In the last 5 or six years, the private sector loans went past what FHA ever insured, PMI, 0 down and piggyback loans made FHA irrelevent. In a year, those things may all be part of a history book and FHA insured loans might be the only game for sub 20%, but we will see. It was part of the soloution to the Great Depression so if we end up in GDII, it will play a bigger role.

My first loan was an FHA loan and I can tell you it did what it was designed to do, got someone just out of college a home loan with little down and student loans, for me it was the only loan I could get at the time. Right now, I don’t think it is competative, rates are higher, requirements are stricter than the loose money we’ve seen of late.

When the day comes and you go to get a loan, just compare rates and payments, weigh PMI, FHA MMI and all the factors one would when buying groceries and pick the best one for you. There’s no magic in any loan program, you have to pay them all back. If it has a lower payment, there’s a catch. As the saying popularized by Milton Freidman goes “There’s no such thing as a free lunch.”

Congrats on the new place.

[temeculaguy]

In 12 months, FHA will probably be much different than it is today, it is the frontline for political tinkering. Traditionally it was best for first time buyers and those without 20% down. In the last 5 or six years, the private sector loans went past what FHA ever insured, PMI, 0 down and piggyback loans made FHA irrelevent. In a year, those things may all be part of a history book and FHA insured loans might be the only game for sub 20%, but we will see. It was part of the soloution to the Great Depression so if we end up in GDII, it will play a bigger role.

My first loan was an FHA loan and I can tell you it did what it was designed to do, got someone just out of college a home loan with little down and student loans, for me it was the only loan I could get at the time. Right now, I don’t think it is competative, rates are higher, requirements are stricter than the loose money we’ve seen of late.

When the day comes and you go to get a loan, just compare rates and payments, weigh PMI, FHA MMI and all the factors one would when buying groceries and pick the best one for you. There’s no magic in any loan program, you have to pay them all back. If it has a lower payment, there’s a catch. As the saying popularized by Milton Freidman goes “There’s no such thing as a free lunch.”

Congrats on the new place.

[Author]

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