Your name saw this post on The ActiveRain Real Estate Network and thought it might be of interest to you. Please see the link below to review the post.

FHA FAQ
FHA FAQ
 
Maybe you just got the news from your loan officer that you need an FHA loan in order to qualify for your home purchase.  "Oh brother," you say, another acronym, additional lending jargon and still more ways to be confused about the whole mortgage process.  Or not?  What are the differences between an FHA loan and a "regular" or conventional mortgage?  Let's take a look at some of the most frequently asked questions that swirl around FHA loans and cut right to the chase of what you need to know in order to determine if an FHA loan is a good fit for you.
 
Q)  Is an FHA loan different than a regular mortgage?
A)  Not really.  At the end of the day, you'll  probably find yourself in a 30-year fixed rate loan.  In fact, the core loan program is no different than a conventional or "conforming" mortgage but when you get an FHA loan, the lender who makes the loan to you is "insured" by the Federal Housing Administration.  
 
Q)  Do I have to be a first-time buyer to get an FHA loan?
A)  No!  There are no first-time buyer requirements for FHA borrowers.  Shoot, you can even refinance an existing conventional mortgage ... more

__________________________________________________
Are you on The Rain? Grow Your Network!