What are the pros and cons of an FHA mortgage loan at home?
I have terrible credit, but have been pre-approved for FHA in 6% fixed interest for 30 years. I wonder if this is the way forward or if there are better ways to buy a house. I am a single mother, lives in Iowa, have very little for a down payment, good income and employment history, and the signs I've been working to improve my credit score.
In reality, very few options at this point in the financing of housing. Most lenders who flourished in the Real Esate boom of this decade have gone bankrupt, most of the remaining lenders that have survived are so weakened that have mortgages limited to those who have perfect credit and close down at least 10%. If I had to loan the FHA 6% fixed with small down, I would meet him. You will probably have to pay PMI.
FHA Mortgage Loans with Cash Out Refinancing
