This news report last night on CBS about FHA was interesting!
FHA / HUD does not make loans, they only insure them. It’s one of the BEST programs available to first time home buyers! Yes, there are people who are defaulting on loans… at a rate of around 9%… But that’s roughly what Un-employment is right now.
This is not an underwriting problem, meaning just tightening the underwriting guidelines will not make the default rate for FHA Mortgages go down! We need more jobs!
If you want to learn more about FHA Mortgage Loans – please call Eleanor and Steve Thorne, Connect With Us on Facebook, 919-649-5058