The purpose of shorter duration loans is to provide the borrower temporary financial relief. Such loans are not a long-term financial solution. Persons facing serious financial difficulties should consider other alternatives or should seek out professional financial advice. This website is not an offer to lend. WhiteRockLoans. com is not a lender and does not make loan or credit decisions.
One major downside to getting an FHA loan: You'll be forced to pay mortgage insurance premiums for the life of the loan. But FHA loans also are unattractive to savvy sellers, who recognize some FHA buyers barely qualify because of low credit scores and are more likely to hit snags in the loan process.
If you have FHA financing, youre not only at a disadvantage to cash buyers but also to buyers with conventional financing. Home buyer Stacie Sheftel of Clearwater, Fla.says she had several offers rejected in favor of cash buyers, even though her offers backed by an FHA loan were higher.
She eventually had an offer accepted after switching to conventional financing at a sellers request. She provided documentation to prove she had funds to close, and because she wanted the seller to contribute 3 toward closing, she offered the asking price plus personal loan interest default. While she had to bring more money to the table - 5 down instead of 3. 5 - she finally got a home.
Please Read Carefully. This service is not available in all states. If you request a loan in a particular state where such loans are prohibited, or in a location where WhiteRockLoans. com does not have an available lender, you will not be connected to a lender. In some cases, you may be given the option of obtaining a loan from a tribal lender. Tribal lenders are subject to tribal and certain personal loan interest default laws while being immune from state law including usury caps.