Gateway Blog

Little Known Fact: the qualification process for an FHA home loan is actually much more flexible than the process for a conventional loan. The FHA home loan is often like low hanging fruit - quite easily attainable.

Why do people think they won't qualify? Usually it's because FHA home loans can require a little more documentation than a conventional loan.  FHA also requires the home that is being purchased or refinanced meet certain minimum requirements - chances are, the house you're wanting to buy meets those requirements anyway. But let's say you want to buy a house that needs minor repairs - you can still qualify for up to $35,000 on top of your purchase price, through the 203K FHA rehab loan.

Rule of thumb: FHA's can be extremely advantagaeous - don't rule out an FHA Home Loan so easily. Your mortgage broker should be able to easily present you different opportunities. If you're just hearing 'it's too hard' or getting the one size fits all - keep shopping. And if you want to ask us about FHA loans, just drop us a note or call. You really owe it to yourself not to miss the FHA opportunity, if it's a right fit for you.