Question: I am sure this has been asked before, but I am new to this newsgroup. If anyone has this info please e-mail me or post to the group.

Question:

Can someone explain the different types of loans to me and who may apply for the loan?

FHA, MHFA, MCC, VA, MCAD and any others you can think of. Also explain the abbreviations of the loans.

Also, What is meant by “creative financing”? A

Answer: Paperwork IS a bear, or at least it was with our first FHA-loan home, but getting into our present FHA-loan home was a cakewalk, but then, I was ready for them this time. Also, Fleet purchases over 95% of the FHA paper. When I applied for my present FHA loan, the lender stated upfront that they sell 100% of their loans (lender is affiliated with the largest builder here in the Austin, TX area) and when I asked if this loan would be sold to Fleet, she affirmed it.

FHA inspectors can drive both parties (seller & buyer) totally nuts, since they almost always find a problem in a pre-owned home. To make matters worse, when repairs have been made and it’s time for a reinspect, the second (and different from the first) inspector can STILL call out problems the first inspector might not have seen. This story is based on personal experience.

One more item with an FHA loan . . . the ratios on the loan are more lenient, both front and back, than a conventional loan, with a front ratio allowable of approx. 41% vs. 35% on a conventional loan.

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