While luxury clients often don’t worry about loans…cash rules in the luxury world. There is a savior for most borrowers in the market today and it’s called the FHA loan. These loans are perfect for the borrower who may have “iffy” credit and little down. It is also a favorite of first time home buyers because there are programs that allow down payment assistance and some of buyer’s costs to be paid by the seller. That’s right, even now you can buy a home with NO MONEY DOWN.
BUT HEED THIS WARNING…with foreclosures mounting, HUD is already working to STOP seller assisted FHA loans and this could severely hinder your ability to get a loan. So for those of you who are thinking, have thought or are in the process of getting an FHA loan…get a house NOW. There is no way of knowing how long HUD will allow this great loan to stay afloat and you don’t want to wait.
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