FHA loans have plenty of benefits that most people aren’t even aware exist – and that means they’re missing out on what could be the ideal financing option to buy a home for sale in Charlotte.
How Does an FHA Loan Work?
An FHA loan doesn’t actually come from the Federal Housing Administration. Instead, like VA loans, the FHA guarantees the loan – that way, lenders can feel more comfortable letting you borrow such a large sum.
Benefits of FHA Loans
- Your FICO score can be lower than it would be if you got a conventional loan
- Bankruptcy is okay, as long as it’s at least 2 years in the past and you’ve maintained good credit since the bankruptcy
- Foreclosure is okay, as long as it was at least 3 years in the past and you’ve maintained good credit since then
Old Guidelines Make People Shy Away From FHA Loans
It used to be that the FHA demanded repairs on nearly everything in a home in order to let borrowers qualify. It’s not like that any more. Although there are some pretty strict repair requirements, they’re nothing like they used to be.
Are You Buying a Home in Charlotte?
Charlotte is a fantastic place to live, and we’d love to have you join us.
If you’re moving to Charlotte, we can help you find the perfect home. Give us a call at 704-608-2794 or get in touch with us onlineto let us know what you’re looking for. We’ll help you find it!