Millennials who possess financial obligation, less-than-perfect credit, or who possess endured other monetary bumps into the road could have an attempt at homeownership with an FHA loan.
Nevertheless, it is important to take into account a few of the drawbacks of taking right out an FHA loan to see in the event that advantages outweigh the cons. You also might have to deal with a higher interest rate on your mortgage while you may be approved for an FHA loan with a lower credit score.
Placing less than 3.5 per cent down in your house may be dangerous also as you arenвЂ™t getting started with much equity. In the event that worth of your house begins to decrease or perhaps you can not any longer pay for your mortgage repayments, you will be underwater for a time.