7 Things All Borrowers Should Know About FHA Loans

7 Things All Borrowers Should Know About FHA Loans

by FHA Pros    |    Friday, May 27, 2011

www.checkfhaapproval.com

FHA Pros, LLC, a national FHA condo approval 
service, has developed a list of facts speaking 
to the top misconceptions associated with FHA 
loans in order to help home buyers better 
navigate an already confusing market. FHA 
loans are mortgages issued by qualified 
lenders and insured by the Federal Housing 
Administration (FHA).

“We have seen home buyer interest in FHA 
loans go from practically zero three years ago to 
upwards of 87% today,” said Christopher Gardner, 
founder and president of FHA Pros, LLC. 
“Despite this rapid rise in popularity, many 
buyers still do not fully understand the benefits 
of these loans, and we believe it’s time to change 
that.”

1. FHA loans are not only for lower-income 
borrowers. FHA loans are available to everyone.

2. FHA loans are not only for first-time buyers. 

3. FHA loans are not just small loans; in fact, 
loan amounts can be as high as almost $800,000. 
visithttp://www.checkfhaapproval.com to instantly 
identify FHA-approved condo associations and 
review maximum loan amounts for a given location.

4. FHA loans are not affiliated with the section 8 
housing program. 

5. FHA loans are often more affordable than 
conventional loans.

6. FHA-approved condo developments are more 
desirable to buyers. 

7. FHA loans are assumable. In addition to lower 
down-payment and credit-qualifying requirements 
as compared to conventional loans, FHA loans 
are assumable. 

“Now, more than ever, buyers and sellers need 
to understand the options available to them 
when it comes time to buy a home,” continued 
Gardner.