Short answer: yes. But the best answer is: it depends. I have extensive experience helping first time home buyers become successful homeowners. There a host of factors to consider when choosing a mortgage that go way beyond the typical four c's: cash, collateral, credit and capacity. FHA loans offer many advantages over conventional loans in terms of credit, down payment and flexible underwriting. But disadvantages include the upfront funding fee and the monthly mortgage insurance required for government insurance on these laons. It's best to consult with a licensed and expierenced mortgage orignator to discuss the pros and cons of the various mortgages based on your specific needs and goals. I can provide you with a complimentary preapproval that will identify the best mortgage to help you realize your goal of homeownership. I can be reached at 917.699.0183.
Senior Mortgage Originator
NMLS License #24076
Cliffco Mortgage Bankers
An FHA loan has stricter guidelines with regard to the appraisal. If the property condition is not up to FHA standards, they may insist on repairs and simply refuse to lend. If you can qualify conventionally you will not have to worry about this problem. The main reasons why buyers go FHA is because you can qualify with a lower credit score. FHA will also allow you to borrow a little more based on your debt to income ratio. Still, if you credit is good you are probably better off just going conventional. If I can be of further assistance or if you need help locating a property too purchase, contact me direct. Good luck!
Mitchell S. Feldman
Associate Broker/ Director of Sales
Madison Estates & Properties, Inc.
Office: (718) 645-1665/ Cell: (917) 805-0783
This is something you should talk over with your mortgage broker (Who is fantastic). Both programs are good depending on your needs, but at the same time, there are some properties that are not FHA approved. I myself have had customers who wanted to buy condos I had listed but couldn't because the building wasn't FHA approved.
Again, you need to chew off the ear of your morgage broker (who is fantastic). He will know all the answers right off hand or call the amazing Broker you are working with. I hear is is a seasoned professional.
Douglas Elliman NYC
M: (212) 300-3919
F: (917) 369-2690
325 Court Street, Brooklyn, NY 11231
The best thing to do is to allow a Loan Officer to review your credit and financial documents. This is the best way any Loan Officer can advise you of your options.
If you're in need of someone, feel free to contact me. Good luck!
Senior Loan Officer
Sterling National Bank