How Does an FHA Loan Work?

Published On: November 8, 2017|Categories: Charlotte lifestyle real estate blog|Tags: FHA Loan, Financing|

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.

Whether you’re buying a house for sale in Matthews, a Mint Hill home for sale, or a house for sale in Weddington, you could qualify for an FHA loan.

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 online to let us know what you’re looking for. We’ll help you find it!

Check out our:

Looking outside the city? Check out:

Are You Looking for a New Home in the Charlotte Area?

We can help you find the perfect home, no matter what you’re looking for. Our dedicated real estate team can keep an eye out for homes featuring things not usually listed in data bases and keep you informed, if you contact us and let us know what to look out for. Give us a call at 704-608-2794 or get in touch with us online to let us know what you’re looking for. We’ll help you find it!

If you’d like access to our exclusive real estate reports and worksheets for FREE, just fill out our simple, online, information request form.

In the meantime, please check out our:

Looking outside the city? Check out: