ByAmy FontinelleAre you gearing up to buy your first place? Shopping for a home is exciting, exhausting and a little bit scary. In the end, your aim is to end up with a home you love at a
- Is mortgage insurance required? Yes. Because only 3.5% of the purchase price is required as a down payment, FHA loans require you to pay private mortgage insurance. This protects the lender from a loss if the borrower defaults on the loan.
- Can you use gift monies with FHA loans? Yes, you may use a gift from a friend or relative for the 3.5% FHA down payment.
- Do I get the loan directly from the FHA? No. You need to get your loan through an FHA-approved lender. Costs, services, and underwriting standards vary.
- How do I find an FHA-approved lender? Just ask your Realtor or your local bank.
I am a specialist in the management and sale of bank owned AND investment properties throughout SE and Central Pennsylvania. Our team of (14) real estate agents and (3) support staff are here to e....
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