I cannot think of a better loan for a single person be it man or woman with the low downpayment, exceptional rates, and low upfront mortgage insurance premium. Many people can buy a home for just as much as they are renting for now and with the tax savings many times it is cheaper on a yearly basis. (I am not a tax consultant, please contact yours today)
Client #1 - recently divorced female, cosigned son's car loan 5 months ago, credit scores in the low 600's due to divorce complications. Oh, did I mention she was switching jobs in the middle of the loan process? Loan amount in the 120's, rate below the local bank, (who would not do the deal since they would not over look the short time cosigned loan and the job change).
Loan closed on time
The key to FHA is documentation - What is your story? Why are you here and why you won't ever be there again? Tell it all, be human. FHA is a common sense loan, get the underwriter on your side and even toss in the some references from neighbors, never hurts,
So, if you are thinking you cannot get into a new home because of whatever your excuse is this week. I would recommend you talk to me Dave Woodson, the FHA Guru and the Mad Mortgage Machine (podcast coming soon)
Dave Woodson -expert advice, honest answers, superior communication
Northwest Indiana's #1 and Your Mortgage Consultant for Life
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