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An FHA loan is a loan insured against default by the FHA. In other words, the FHA guarantees that a lender won't have to write off a loan if the

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borrower defaults - the FHA will pay. Because of this guarantee, lenders are willing to make large mortgage loans.

Easier to Qualify - Because FHA insures your mortgage, lenders are more willing to give loans with lower qualifying requirements so its easier for you to qualify.

Less than Perfect Credit - Even if you have had credit problems, such as bankruptcy, its easier for you to qualify for an FHA loan than a conventional loan.

Low Downpayment - We have a low 3% downpayment, and that money can come from a family member, employer or charitable organization. Other loans don't allow this.

Costs Less - Many times, FHA loans have competitive interest rates because the loans are insured by the Federal Government. Always compare an FHA loan with other loan types .

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A short sale is a long process. Does that sound contradictory? Not really. “Short” refers to a sale where the amount owed is less than the value of the home – hence, the sale proceeds are “short” to cover the mortgage. “Long” refers to the length of time involved in getting the short sale approved by the lender...

   
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