Have you heard about the 'New Subprime'? Or how about the 'Mortgage Bailout'?
Well, it is FHA all the way, baby!!! Uh, er, or is it?
Do you realize that FHA has been around since the 1930s? And that it never was subprime. Nor was it meant to be the only option. Conventional Mortgages have their place. But for high LTV Mortgage Loans, FHA has been a great way for a borrower to save money off their mortgage payment.
So what is so new about it? Well, not much realy!!
FHA is all the buzz in the mortgage industry right now. And the brokers are scrambling to get signed up. These are the same brokers who never knew FHA and never considered some clients for FHA because subprime was too easy.
You see, it is still the same old FHA minus a few minor tweaks like the Home Inspection. Did you know that FHA doesn't require the Termite Inspection?
Did you know that you DO NOT have to document a 2yr continuous employment history for borrowers re-entering the workforce in the same industry and has been on the job for 6 months? Regardless of how long the job gap.
FHA is as easy as conventional loans and if you are discounting this archaic/difficult loan then you are mistaken. Yet, I still hear from buyer's agents who tell of the listing agent refusing FHA applicants. Those listing agents have done a disservice to their clients.
FHA has never looked so sexy!! And while I never put peanuts in my Coke(play the video), "I was Originating FHA Loans when FHA wasn't cool"
Tom Burris
DallasLoanGuy.com
Dallas, TX
"Your Dallas Mortgage Consultant"
http://www.dallasloanguy.com/
Texas Home Loans
I write about Texas Home Loans , live in the Dallas, TX area and lend across the entire Great State of Texas!! Subscribe to My Blog and stay informed about current lending changes!!
While I personally focus on Texas Home Loans and First Time Home Buyers.... I do lend in other areas. We are in about 46 States and adding programs to bring full service to an area near you.
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