If you find yourself an FHA financing will likely be a lifesaver if you would like to buy property and possess restricted money on hands or a no further-so-higher credit rating, these types of fund possess certain cons you should know out-of before applying.

• Really rigorous assessment requirements. Brand new U.S. Company of Houses and you may Urban Innovation (HUD) has stringent property appraisal criteria you to prohibit of numerous qualities away from FHA mortgage eligibility. The home even offers to-be your primary otherwise dominating house, you can not put it to use given that an investment property (even in the event FHA funds are used for some multiple-equipment features doing four gadgets). Mobile property and other prefabricated homes normally be considered, however, many condos never. (more…)