Churchill Mortgage Corporation is sharing its insights on Federal Housing Administration (FHA) loans.
(prHWY.com) February 12, 2013 - Herndon, VA -- Herndon, Virginia (January 7, 2013) - Churchill Mortgage Corporation is sharing its insights on Federal Housing Administration (FHA) loans. An expert
mortgage broker in Virginia, the company published a recent story on its website involving FHA loans and provided feedback to help people know what to expect.
The story features Kristy Moore of Keller Williams in Reston, who had been trying to help her client sell a property. Among the challenges she encountered was that it was an 1800's-era home with a buyer that was using FHA financing, creating complications in the FHA appraisal and inspection process.
FHA offers several programs, one of which is a loan that allows one to buy a house with a down payment of as low as 3.5%. Churchill Mortgage cautions that trying to obtain an FHA loan as opposed to a conventional one can be more challenging. They explain that a home that needs work may require a more detailed appraisal in many ways that a conventional loan doesn't, such as the appraiser evaluating the property's condition.
Although a conventional loan has the basic requirement of the home being livable, the homeowner is at least given some leeway. With an FHA loan, on the other hand, there are no exceptions, which can create issues trying to sell a property if it badly needs repairs.
Overall, the mortgage company suggests that FHA financing is still a great option. Kristy Moore shared that her and her client were still able to sell the home despite the challenges they encountered. In closing, they advise on working with a reputable REALTOR® who knows the intricacies of FHA loans.
Churchill's mortgage companies in Virginia and in other states can assist with the abovementioned concern. Visit Virginia.ChurchillMortgage.com for more information.
About Churchill Mortgage Corporation
Since 1992, Churchill Mortgage Corporation has been delivering expert advice and personalized lending solutions through its established consultative approach to clients in over 10 states. It also provides online mortgage calculators and a series of free digital reports touching on subjects like taking care of one's credit and buying a home. Call 866-604-2898 today.
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