FHA Misconceptions

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1. FHA is for first time home buyers ONLY. This is wrong, you can use an FHA loan for your first home or your 10^th home. You can use it for both purchase and to refinance.
   
   
2. The government lends me the money. WRONG. The government INSURES the loan, thus allowing the lenders to help people that may not qualify for a conventional loan.
   
   
3. FHA has income limits. Nope, there are no income limits. There are however LOAN SIZE limits, and these are based on the median home price in your geographic area. Click here to find your FHA loan limits.
   
   
4. FHA will take the profit in my home when I sell.
   This one I have heard a few times, so I thought I would address it. This is wrong. An FHA loan is a mortgage just like any other. You have a balance you owe the bank, anything above that balance is yours when you sell.
   

As always any questions you can give my office a call at 866-295-9339 hit 1 to speak with one of my specially trained Mortgage Planners For Life. Or Visit our website to learn more FHAinfoCenter.