| When you read the news about mortgages,or watch | | | | 580 and 680 through FHA. If your credit score is higher |
| the news, you are told how difficult it is to get a | | | | than that, a conventional loan is likely a better choice. |
| mortgage these days.Times have changed. You can | | | | The advantages of an FHA loan are thata)you can |
| no longer state your income,even if it is not true, and | | | | get a 30 year fixed loan at a very good rate, |
| get a mortgage. However, if you need to refinance or | | | | andb)you can have some glitches on your credit. |
| purchase a home, you can still get a high quality | | | | The disadvantages of an FHA loan are that a)you |
| loan.An FHA loan is the perfect solution if your credit is | | | | need to pay for mortgage insurance, and you must |
| good but not great, and the limits have changed so | | | | have a perfect 12 month recent history in making your |
| most peoples loan needs can now be satisfied. | | | | mortgage payments. |
| FHA limits have recently increased. The amount of the | | | | It is more advantageous to use a mortgage broker |
| increase of limits depends on the area you live in. Limits | | | | that has a choice of various FHA lenders to provide |
| in Northern Virginia for example are higher than the | | | | your loan. This is because different lenders have |
| limits in Norfolk. However the limits now should suffice | | | | different programs that meet different needs.Many |
| to meet your needs. You can still get a mortgage at a | | | | brokers are not qualified to do any FHA loans and |
| very competitive rate, if your credit score is between | | | | many are only qualified to deal with one FHA lender. |