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Wed - 2/22/2012
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FHA Home Loans in Georgia


 
Georgia FHA Home Loans

FHA Home Loans are the best way for almost every home buyer to purchase a home in today's economy.

Whether you are looking to purchase a new home or refinance the home you currently own an FHA mortgage may be the way to go. While the general perception is that FHA home loans are for people with bad credit or low income that is not entirely true. In fact if you have too many collections, charge-offs or other issues on your credit FHA will not insure your loan for real estate.

Georgia home owners and home buyers have a great choice when shopping for real estate and there are some things you should know.

What the FHA Home Loan Is:
It is a great way to purchase a first or tenth home but not a real estate investment property. In fact the FHA only likes to insure loans to investors who are 501(c)(3) not-for-profit organizations involved in community enhancement programs.
It is a great way to refinance from a subprime ARM loan into a long term fixed rate mortgage.
It is a great way to do a cash-out refinance on your owner occupied real estate to use for many purposes including upgrading your current residence.

What the FHA Home Loan is not:
It is not for people who simply do not pay their bills. Many times applications are from people with absolutely no good credit and page after page of missed payments and charge-offs. Some slow credit is okay but if the applicant simply continues to demonstrate they have no intention of paying their bills they also will not be approved for an FHA insured loan.
People who have been foreclosed on in recent months. FHA does not like to insure people who have a recent foreclosure or repossession.


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