“YOU DON’T NEED GOOD CREDIT TO BUY A HOUSE!!!"
“BUY YOUR FIRST HOME WITH LOW CREDIT!!!"
Sure, but it’s not that simple...
A lot of people have asked about FHA loans when looking to buy a home. Although at first glance it might seem to make the most sense, especially if you don’t have good credit and cash to put down, you should be aware of what it means and weigh out the pros and cons for yourself.
Should I get an “FHA” loan to buy a house if I have low credit?
Well, first off, what is an FHA loan?... A Federal Housing Administration (FHA) loan is a mortgage that is backed up by mortgage insurance and makes it easier for people with less-than-pristine finances to buy a home. The main advantages of an FHA loan are:
THIS ALL SOUNDS PHENOMENAL!
Soo… what's the catch?
Well here’s the thing; low credit and low down payment is a red flag that you might not be financially sound just yet to buy a home in the first place. In reality, buying a home, no matter how great the deal is, with low credit and little cash only adds more debt to your name. You would still have the matter of fixing your credit and finances.
Not to mention:
So what should I do?
We’re not telling you to avoid FHA loans like the plague. On the contrary, we encourage you to learn more about it. Read more and ask a lot of questions. Find an FHA lender and inquire about getting more information.
Here’s what we ARE saying; Ideally, having better finances and better credit will give you options. Find a way to improve your credit score and alleviate your monthly expenses to save and afford a bigger down payment. This will allow you more freedom when you truly are READY to buy.
Call 1(888) 460-9440 or email us at firstname.lastname@example.org to find out more about FHA loans and how we can help you improve your credit to prepare for buying a home. Contact us and take advantage of our knowledge and experience. Mass Credit Relief will help you get into the right position to win!