FHA Home Loans

ledvedderman
ledvedderman Posts: 7,762
edited April 2009 in All Encompassing Trip
Anyone know anything about these? The wife and I are looking at getting a new home, but we are pretty much morons when it comes to this type of thing.
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  • blackredyellow
    blackredyellow Posts: 5,889
    As far as explaining things, I'm probably not much help... but we got an FHA loan when we bought our house this past October.

    Basically, you can buy a house with only 3.5% down payment.

    Your best bet is to talk to a couple of mortgage brokers. I say a couple, because we went to one who was working all sorts of deals and had us actually getting money back at closing. It sounded great, until we looked into it more. We found another broker (referred by our realitor) who was surprised what the other guy was advising us to do and brought a more conservative approach to it. She explained everything, every step of the way so was a great help to us. We were lucky, we had a great realitor and a good mortgage broker.
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