FHA Mortgage Counseling — Only for First-Timers?
May 31st, 2007
Related FHA Stories
- Borrower Beware: Real Estate Brokers Paying FHA Counselors for Leads
- HUD Provides $44 Million For Housing Counselors
- Is FHA Downpayment Assistance Coming Back?
- An End To Independent Mortgage Counselors
- Beware of Mortgage Modifiers
Story Tools
The first time I bought a home I financed with FHA financing. The broker told me how much cash I needed, I said great, and the deal was done.
The problem was I had no idea how FHA financing worked. Had the lender been something other than honest, they could have charged just about any rate and I would not have known any better.
Now there’s a new emphasis on counseling for first-time borrowers and I say great. Let’s tell borrowers how FHA loans work so they will not be surprised by insurance premiums and other costs. Let’s tell them the good news about prepayment penalties and the bad news about quirky pay-off requirements.
But why limit counseling to first-time borrowers? Most people only get a loan every eight to 10 years or so. Could not all borrowers benefit from a market update?
Sy Syms, the clothing retailer, used to say that an educated consumer was his best customer. Why shouldn’t that be true with lenders?
Just curious, that’s all.
- |
- |
-
- |
This entry was posted on Thursday, May 31st, 2007 at 6:53 am and is filed under . You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.
Listen to FHA Loan Pros columnist Peter Miller on American Public Radio: 
RSS Feed
May 31st, 2007 at 11:06 am
FHA Counseling Only for First-Timers? | FHA Mortgage Guide…
The first time I bought a home I financed with FHA financing. The broker told me how much cash I needed, I said great, and the deal was done….