Yes! It's a great way to go. FHA loans usually require a little lower credit score, only 3.5% down and they also currently have great rates!
There are still more reasons to take a long look at an FHA loan for your home. The FHA has loosened its appraisal guidelines which were very stringent in the past. Some of the fees that were not negotiable before, now are. They are allowing down payment assistance programs that are not seller funded.
Last, here are some really tantalizing reasons for using FHA. Sellers can finance up to 6% of the buyer's closing costs, homeowners can take out cash up to 95% of the home's value, and non-occupying co-signers are allowed, even if the occupying signer has no income. Specific restrictions do apply.
I was informed about all of these great benefits by a great mortgage guy, Giuseppe Battaglioli of Fairway Independent Mortgage Corporation. Call him. I'm sure he will be glad to fill you in on the details. His number is 303-789-1701 or email him at firstname.lastname@example.org.
Barbara Salisbury, Your Highlands Ranch Expert!