Thursday Treats: Remember FHA Mortgages can be Assumed when buying another home...! What Are the Advantages of FHA Loans? Typically an FHA loan is one of the easiest types of mortgage loans to qualify for because it requires a low down payment (3.5 percent) and you can have less-than-perfect credit. Borrowers who cannot afford a traditional down payment of 20 percent or can’t get approved for private mortgage insurance should look into whether an FHA loan is the best option for their personal scenario. Another advantage of an FHA loan is that it can be assumable, which means if you want to sell your home, the buyer can “assume” the loan you have. People who have low or bad credit, have undergone a bankruptcy or have been foreclosed upon may be able to still qualify for an FHA loan. englendingcincinnati
Posted on: Thu, 31 Oct 2013 14:02:59 +0000
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