I know there are Realtors out there that remember the bad old days of FHA financing. I still remember having to have and FHA certified inspector check over the house and make the sellers sweep up the basement or clean a spot on the carpet. Anyone remember the VC sheet (that hasn't been that long ago)?

Well, that isn't the case anymore. FHA loans are nearly the same as conventional loans, except in some (many) cases better. Take a look at these common myths about FHA:

1. Myth: Takes more time processing.
   Truth:
   • Takes no more time than a conventional loan.
   • Adds no additional or special requirements.
   • Uses TOTAL Scorecard/AUS approval allowing you to complete a loan in the amount of time it takes to get the appraisal.
   
   
2. Myth: More paperwork is involved.
   Truth: Requires only one additional document signed by the borrower.
   
   
3. Myth: Higher costs are inevitable.
   Truth:
   • Rates are competitive with the best in the industry.
   • Lender insurance programs eliminate shipping and reshipping costs.
   • Streamlined loan process.
   
   
4. Myth: The borrower can't pay certain loan costs or fees.
   Truth:
   • FHA eliminated non-allowable closing cost fee schedule (ML 06-04, 06-07) .
   • The borrower, or any interested party to the loan, may pay all reasonable and customary charges.
   
   
5. Myth: FHA is too restrictive.
   Truth:
   • FHA provides guidelines for underwriting; same as industry investors.
   • FHA allows for manual underwriting for all loan programs; some in the industry will not approve a mortgage loan without an automated approval.
   • Automated Underwriting Systems approval is not required - allows for hands-on, common sense judgments.

So, if you remember the bad old days when it took an act of God to get an FHA loan funded, welcome to the good new days. At Alpine, we have in-house FHA certified underwriters. We don't require any additional inspections and we draw our own documents and fund our own loans. What more could you ask for?

Additionally, if you are purchasing a manufactured home/land loans with less than 20% down, in nearly every case, FHA is better, easier and more cost effective. No more restrictive than a conventional loan on foundation and tiedowns, FHA loans are the preferred method of financing factory built units.

FHA is the new mortgage option. There are even ways to get through the downpayment requirements with a little help from your family, credit union or 401k. Call me so we can discuss your options and marketing strategies.