Has anyone used a fha or fannie mae to get a mortage for a home,or any other loan of this type ?what is the best one to help a first time home buyer?
by 
paw
ANSWERS: 2
-
Fannie, Freddy, FHA, VA, VHDA... It depends on your situation. Each has its advantages based on what you are trying to do. How much money you are putting down, how much money you will have in reserves (savings, 401ks), credit scores, Loan to value, how long you plan to stay in the home, what state you live in can also help with other government programs that each state has. What your occupation is, Teachers, Firefighters, police officers often have things available to them through the state you live in where the state government will help out up to 50% of the purchase price of the home being forgiven (you do not have to pay). So to answer your question there is a lot more information needed to be able to give you the correct answer. I have been in the mortgage business since 1992 and please check with several people without having them pull your credit to make sure what even a family friend tells you is best is really the best for you.
-
Fannie does not make loans; it only buys mortgages from approved lenders...it is active in the secondary market. FHA backs (insures) loans made by lenders and is a good program. I have used it twice without problems or regrets.
RELATED QUESTIONS
Copyright 2023, Wired Ivy, LLC