FHA Mortgages: Not a poor man’s loan
Posted March 24, 2008
FHA Loans in Charlotte - Loans to $303,750
One common misconception about FHA mortgage loans is that they are mortgage loans for the “poor man.” That is far from the truth. Even before the new economic stimulus package, the FHA mortgage limit in Charlotte was $230,470. Now with the stimulus package, the FHA mortgage limit for a single family home in the Charlotte area (including the cities of Concord, Monroe, Matthews, Gastonia, and Huntersville) are $303,750.
However most home buyers over the $150,000 mark don’t seem to give the FHA mortgage a real thought. Maybe its because of the image that has been associated with using Federal funds. Maybe its the fact that over the past several years there was a big push to avoid mortgage insurance (which FHA mortgages have), but now that mortgage insurance is tax deductible, that is a moot point. Whatever the reason, one should seriously consider the advantages of an FHA mortgage loan when buying in the Charlotte area.
The low monthly mortgage insurance, the low downpayment requirement (only 3%), the easier qualifications and easier documentation all make compelling reasons to consider the FHA mortgage. That being said, FHA mortgage loans are not for everyone. I will address those considerations in another post.
But for now, one should understand that the FHA mortgage loan is not just a “poor man’s loan.” There are great advantages to use the FHA mortgage program in Charlotte. And with our expertise, we can help you determine if a Charlotte FHA mortgage loan is right for you.
This website provides information on FHA loans, including FHA Secure and FHA Rehab loans, for home owners and home buyers in the Charlotte area (including Concord, Gastonia, Matthews, Monroe, Huntersville and Ft. Mill as well as all of North and South Carolina.)
Apply online for your Charlotte area FHA mortgage loan
or call 704-651-8704 for your free mortgage consultation.
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