The thought of buying a home can be scary. All the paperwork, getting your credit in order, building up your savings for a down payment, getting approved or having the chance of getting denied for a loan. It’s all so… BIG. But, did you know that your down payment doesn’t actually need to be so big? And did you know that even if you have already owned a house, that you can use the FHA loan? MYTH-BUSTER: FHA doesn’t stand for “first time home buyer” but actually, “Federal Housing Administration!” There has been a major misconception about FHA loans over the years with buyers thinking that only first time buyers can utilize it. This couldn’t be further from the truth! Why is an FHA ideal? More lenient on your credit than a conventional loan 3.5% down payment (This can be a gift) with a credit score of 580 or higher (nerdwallet.com) You are eligible even if you had a foreclosure 3 years ago. Conventional loans require you to wait 7 years Possibility for lower mortgage insurance payments...

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