I'm trying to get the differences of these loans via the internet with no luck. Does anyone know the differences /advantages/pros/cons of both of these? Also, my brother is a veteran and may qualify for a VA loan but he may not have great credit. Should I consider that option? Thanks to all for shedding some light.
The advantage of using an FHA loan, is that your credit doesn't have to be great and you can have a lower income. I have been doing FHA loans and it has to be beneficial to the borrower in order for it to work out. The rates tend to be a lot better than what you would get anywhere else. The problems that I have seen with them, is they take longer to get done and the appraisals are 150 bucks more. Sorry I couldn't help out with the SONYMA loan.
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Email me at scornwell@newworldfederal.com
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