In today’s tough mortgage market, one option lots of people are turnng to, is the FHA Mortgage.

They offer great rates with low down payments.  They are guranteed fixed for 30 years and backed by the Government.  Sounds great, right?
Well overall, they are indeed great BUT it’s important to remember that your new home will be subject to a special FHA appraisal and they will want to see the inspection report.  If there are any signifigant problems with the home, you will be required to have them fixed before you can close…

That can mean trouble.  You won’t be buying any fixer uppers with an FHA loan!

So if you are within FHA’s current income limit guidlines (many people in Charleston are), want to put down about 3.5% and want a low rate…FHA might be for you.  But remember…Make sure the house you are looking to buy is in very good and well maintained condition…

This entry was posted on Thursday, January 29th, 2009 at 5:44 pm. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.