FHA loans are among the most versatile and accessible lending options for San Diego borrowers. Many homebuyers and homeowners still believe certain myths about FHA loans, however. In this post, I am going to dispel some of those misconceptions so you better understand what an FHA loan can do for you. Here is what you may not know about FHA mortgages.
Understanding FHA Loans
- You do not have to be a first-time homebuyer. First-time homebuyers are one of the main target markets for FHA mortgages. But did you know that even if you are a repeat homebuyer, you can still apply successfully for an FHA loan?
- You do not need a low income to qualify. Homebuyers sometimes assume that FHA mortgages are income-based loans. This is not true. Another government-backed mortgage product called a USDA loan is income-based, but not FHA loans. Even with a high income, you can take out an FHA mortgage.
- Bankruptcy, foreclosure, and student loan debt do not have to get in your way. If you went through bankruptcy or foreclosure in the past, it may surprise you to learn that need not prevent you from getting an FHA loan. You just need to get through a mandatory waiting period before you apply. Thanks to new rules that went into effect in 2021, borrowers with student loan debt are also more likely to qualify for an FHA mortgage than in the past.
- FHA mortgages can be fast and easy to apply for. Some borrowers think that it will be slow and challenging to apply for an FHA mortgage since it is a government-backed loan. But the process is simpler than you think. Even the guidelines for appraisals are not as rigorous as you might imagine.
Buy a Home with an FHA Mortgage in San Diego
They can answer your questions about FHA loans and help you figure out whether you qualify for this type of mortgage. To buy a home with an FHA loan in San Diego, please give them a call at (619) 857-7191 to schedule your mortgage consultation.
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