Is FHA still a great loan for first time home buyers?
When FHA was created in 1934 it was to assist the common man in his desire to buy a home.
This premise is still there today and first time home-buyers are a huge part of that group.
FHA allows for first time home-buyers to be able to qualify easier due to more relaxed credit requirements, flexible debt to income ratios, lower down payment requirements, and even more understanding of difficult events in a persons life including bankruptcy and foreclosure.
FHA also has programs that can help accommodate the first time home-buyer buy a home that simply needs work or simply the buyer doesn’t have much of a down payment. (See FHA 203K rehab loan and HUD $100 down program). So the short answer to your question is absolutely. FHA is a great program for first time home-buyers…
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