real estate mortgages: Top 10 FHA Advantages
- 06/20/11 03:48 AM
Fannie Mae and Freddie Mac underwritten conventional, FHA and VA loans account for the vast majority of mortgages chosen by buyers to finance their home purchase. While buyers have the choice on which product to use, there are some considerable advantages to FHA. More tolerant for credit challenges than conventional loans. Lower down payments than conventional loans. Broader qualifying ratios - total house payment with MIP can be up to 31% of borrower's monthly gross income and total house payment with all recurring debt can be up to 43%. Seller can contribute up to 6% of purchase price - this money … (0 comments)
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Jack Gillis, M.B.A., J.D., LL.M. Dallas, Texas 214.718.4910
Fannie Mae and Freddie Mac underwritten conventional, FHA and VA loans account for the vast majority of mortgages chosen by buyers to finance their home purchase. While buyers have the choice on which product to use, there are some considerable advantages to FHA.
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