Is an FHA Loan Right for You? Let’s Clear Up the Myths
Is an FHA Loan Right for You? Let’s Bust the Myths!
Dreaming of homeownership but hesitant about FHA loans? Misconceptions often scare buyers away, but the reality might surprise you!
I’m Oksana Bogott, a top realtor at CB Realty (Russian realtor in Houston), with years of experience helping buyers navigate the home-buying process. Many of my clients have asked about FHA loans, and I’ve seen firsthand how beneficial they can be!
Let’s clear up the biggest FHA myths once and for all:
❌ Myth #1: FHA loans are only for buyers with bad credit.
✔ Truth: While FHA allows credit scores as low as 500, the average FHA borrower has a 683 credit score, and 80% have 600+!
❌ Myth #2: You must be a first-time homebuyer to qualify.
✔ Truth: You can use an FHA loan multiple times, as long as it’s for a primary residence!
❌ Myth #3: FHA loans come with higher interest rates.
✔ Truth: In many cases, FHA offers better rates than conventional loans, especially for buyers with solid credit!
❌ Myth #4: FHA loans take forever to close.
✔ Truth: The average FHA loan closes in just 47 days—the same as conventional loans!
❌ Myth #5: FHA only covers single-family homes.
✔ Truth: You can buy a condo, townhouse, mobile home, or even a 2-4 unit property (as long as you live in one of the units)!
❌ Myth #6: FHA loans have strict income limits.
✔ Truth: There are NO income limits! High-income buyers can still qualify.
💡 FHA loans offer flexibility, affordability, and a low down payment of just 3.5%! They are a fantastic option for many buyers, not just those with lower credit scores or first-time homeowners.
If you’re wondering whether an FHA loan is the right fit for you, let’s talk!
📩 Send me a message—Oksana Bogott, your trusted Russian speaking realtor in Houston—or call 832-557-7824. I’ll guide you through every step of the process!
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