FHA loans in New Jersey and in all other states in the last 18 months have become the popular choice when choosing a mortgage for many different reasons. It has been stated that FHA loans now represent about 35 percent of all financing options. And because of the popularity and usage of FHA loans, there seems to be more FHA rumors or myths circulating. Let’s review some of these so-called myths. Before I begin, just a little quick education when it comes to mortgages. You basically have 4 types of mortgage programs.
FHA loans are not dead and shouldn't be going any where soon. The other day a loan officer sent me an e-mail asking me if FHA loans are going away anytime soon. I asked, where did you hear this nonsense. The loan officer replied, “from 3 realtors in my area.” Sounds like water cooler talk to me. My Common sense – If FHA loans disappear, so will our economy, right off the map. Here is why..
Positives with FHA loans - FHA still allows you to put 3.5 percent down as your down payment, even with a credit … (35 comments)
Sellers, don't accept offers from a buyer with FHA financing. Wait, don't accept offers with VA financing. Wait, don't accept offers with conventional financing. Gee, you might as well wait around for a cash buyer. FHA loans are not a bad thing. It could just be that your listing agent isn't familiar with FHA mortgages, or maybe had a bad experience once before, or that they are afraid that the house might not pass a FHA appraisal. In my opinion, I just think the listing agent is flipping a coin on your property and it could cost you thousands … (29 comments)
FHA mortgages, such a very very bad thing. Don't do it... Don't allow your buyers to utilize this program. Don't allow your seller to accept offers with FHA mortgages. They are very very bad....
HOLD THE PRESS !!!!.. Wait one second. In the real estate and mortgage industry, don't we get angry when someone offers their professional opinion on a topic or question that they don't know much about. That their advice could be an assumption, or from prior years, or from a bad experience?
PS. my initial comments above was a joke. FHA loans aren't a … (75 comments)
I just want to educate people about mortgages and the process.
In regards to lending, I am very creative, intuitive, honest, and one who communicates information, may it be good or bad. I am a loan officer that looks out for your best interest.
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