I don't know about everywhere else in the country, but in my area it seems that the FHA mortgage is seen as a "poor man's loan." However, this is not the case.
FHA mortgage loans in Charlotte North Carolina now have limits up to $303,750. That is pretty substancial. But to think of the FHA mortgage as something specifially for the "poor" is misleading.
Some of the reasons for this misconception may have to do with the industry itself. So many lenders have touted the FHA mortgage as the perfect loan for first time home buyers. And while this is true, the FHA mortgage in Charlotte goes well beyond just that need.
Another thing that could contribute to this thinking is the focus on avoiding PMI. Until recently mortgage insurance was not tax deductible, so most buyers would look to avoid it with combo loans. Now that MI is deductible and combo loans have pretty much died off, an FHA mortgage in Charlotte offers very low monthly mortgage insurance premiums!
Visit EdNailor.com for more information on the benefits of a Charlotte FHA mortgage loan.
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This insight provided by Ed Nailor - Charlotte FHA Mortgage Lender
As a HUD approved FHA mortgage lender, we can provide FHA loans, including FHA Secure and FHA Rehab loans, for home owners and home buyers in the Charlotte area (including Concord, Gastonia, Matthews, Monroe, Huntersville and Ft. Mill as well as all of North and South Carolina.)
Apply online for your Charlotte area FHA mortgage loan
or call 704-651-8704 for your free mortgage consultation.
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Heard one lender say it was the "NEW" subprime... that's a bunch of Broo HaHA! FHA is the OLD subprime... only with ETHICS. Subprime lenders took the FHA concepts that WORKED and then twisted it! You're right - FHA loans are GREAT TOOLS - glad you are one of the lenders that can offer them!