Provides FHA-backed loans, USDA loans as well as products offered by Freddie Mac and Fannie Mae that require down payments as low as 3%. Cons Doesn’t offer home equity loans or HELOCs. If you’re a.

But before deciding whether an FHA loan is right for you, it’s important to ensure you understand how this type of loan works – and what pros and cons come with it. Advantages of FHA loans Simply put,

What Are The CONs of fha home loans? As you can see there are many benefits of FHA home loans. Before a buyer runs to their nearest mortgage lender to get an FHA home loan, they need to understand the potential CONs of them. Below are some of the most common drawbacks of FHA home loans.

FHA vs 3% Down Payment Closing Costs. This equates to a $60 monthly reduction in your mortgage payment and $22,000 in total savings over a 30 year loan. If you’re charged $3,000 in total refinance fees it will take you 5 years before you will start saving money. In this scenario it’s probably not worth it.

 · 5 Pros and Cons of FHA Loan. Jan 14, 2017 Oct 17, 2016 by Crystal Ayres. People looking out for mortgage loan will surely come across with the term FHA loan. According to many, this term may be better particularly when you are going to buy your first home. However, not all people understand the true meaning of this type of loan.

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Downside: Possible Disadvantages of Using an FHA Loan 1. You’ll pay a mortgage insurance premium. Two of them, actually. 2. You’ll encounter some property restrictions. 3. Some home sellers shy away from FHA loans.

Disadvantages of USDA Loans: Two Kinds of Mortgage Insurance – USDA loans require what is called a “guarantee fee”, and acts the same as mortgage insurance. This includes the 1.00 upfront fee and the monthly guarantee fee of 0.50%. However, if you were to compare the amount of USDA guarantee fee to FHA mortgage insurance, it is cheaper.

Cons Doesn’t offer home equity loans or HELOCs. New American Funding offers FHA and VA loans, works with down payment assistance programs, and seeks borrowers whose credit histories don’t fit the.

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