ANSWERS: 1
  • FHA loans can be used for many different types of loans. The FHA is not a lender; they simply insure your loan so that lenders can offer you better rates. All that is needed for your down payment is as little as 3% of the purchase price of your home, and most closing fees can be included in the loan. A loan from FHA insures that lenders will be provided with a payment, even if the home buyer defaults. You can purchase a home in need of repairs and finance the repair costs with the mortgage. This way you can make the necessary repairs immediately without having to come up with the money yourself. Ask your realtor or bank about this.

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