Mortgages Made Simple with Rick Gundzik

Thursday, August 20, 2009
FHA Loans - August 20, 2009
How long does an FHA loan take to close and who are they best suited for? Mortgages Made Simple logo What is a letter of intent used for and what are FHA 221-D and 223-F loans for? Today we're answering these 3 listener questions.

FHA loans usually take 30 days to close and are suited for people who don't have a large down payment and may have a marginal credit history. FHA loans only require a 3.5% down payment. Also, the credit guidelines are more lenient.

A letter of intent is generally used to initiate proceedings to purchase or lease commercial property.

FHA 221-D and 223-F loans are rehabilitation loan programs for 5 unit or more properties.



If you have any questions you would like us to answer on our show, please call our listener line at 714-519-7833 or email mortgagepodcast@gmail.com.

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