FHA = Good. That is one of the primary points we make during our “Mortgage 101” Seminars. This is b/c too many Realtors labor under the myth that FHA financing is inferior to conventional financing. The myth stems from the days when FHA financing took longer to close and required clear Section I termite reports (superior condition).
We can close FHA loans in 17 days easily, and the condition requirements are largely the same as those for conventional.
There is one more major advantage to FHA: the mortgage insurance is often much cheaper.
FHA MI (0.85% in most cases) is often much lower than private mortgage insurance (PMI) rates for conventional financing if borrowers have lower credit scores (under 700).
FHA interest rates are also often much lower than conventional rates.
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