Is an FHA Loan Your Best Option? A Quick Tutorial on FHA Loans
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In this series, we're going to talk about all the different types of loan programs. Today, we're going to talk about FHA loan. Hey, what's going on everybody! This is Benson Pang, broker owner of Nestmade Mortgage. So what FHA loan is basically it's in line with the conventional loan, FHA loan, VA loan where if you don't qualify for a conventional loan, we start looking into an FHA loan.
So for example, FHA loan, you can go into the higher loan amounts with three and a half percent down. Meanwhile, conventional loan may have a 5% requirement for the same loan. However, FHA has a more stringent requirement when it comes to the collateral, which is the property that you're going to buy.
It might have an additional requirement on the appraisal report, or the condo that you might be buying might need to be FHA approved. So in this case, if you don't qualify for an FHA loan, we have 27 other loan programs we can help you with. FHA also has less of a requirement when it comes to bankruptcy or foreclosure or short sale. So again, if you don't qualify for a conventional loan, the next thing we look at usually is an FHA loan.
So if this video resonated with you and you think you can qualify for an FHA loan, or you want to see what other loan programs you may qualify for, feel free to reach our office! Our phone number is (626) 262-4321.
Our website is www.Nestmade.com. And did you know that we're now part of the Find My Way Home loan expert network!? This is a network where the top loan officers in the country are recording videos and posting it on the website, and the website is www.Findmywayhome.com. This is where you can learn a ton of information on how a loan works and how it can benefit you. Again, this is Benson Pang, broker owner of Nestmade Mortgage. Give us a call!
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Benson Pang
Hi, I'm a mortgage expert living in California. I am also licensed to help with your home loan in several other States across the Country. Do you have mortgage questions? How can I help? View Profile
Benson Pang NMLS #897612 Loan Officer 406 E. Huntington Dr Unit 204 Monrovia, CA 91016 (626) 699-8478 benson.pang@findmywayhome.com
Expert Network questions or comments may be directed to: support@findmywayhome.com | Copyright ©2020 Financial Mortgage Solutions. NMLS #897612. 406 E. Huntington Dr Unit 204 Monrovia, CA 91016 (626) 699-8478. All rights reserved. This is not an offer to enter into an agreement. Not all customers will qualify. Information, rates and programs are subject to change without notice. All products are subject to credit and property approval. Other restrictions and limitations may apply.
