Can anyone tell me the difference between the Acorn Loan and the FHA Loan programs?

Question

We are first time buyers looking to buy our first home. We have good credit and just needed some basic info before we really start the process. If anyone can help, it would be greatly appreciated :) we did a little research on the internet, but sometimes we recieved vague responses. Help please :)

Answer 1

An FHA loan follows guidelines set by a government related agency. It isn't necessarily a specific program. If I remember right the Acorn loan is from Bank of America or US bank. It is for people with great credit and offers lower rates than some other mortgage program. Keep in mind that there are many different programs out there, and it is just a matter of finding what is right for you. My advice to you is to shop around with several banks and price out a mortgage broker or two to find out what you are looking for.

If you are still trying to locate a house, I would look for one in an area that you like, and one with a floorplan that you like, but I would not worry about maximizing the square footage or cost. In my opinion, a first home is a great place to be comfortable while you save for the home that is truly the one you want.

Answer 2

Forget the FHA loan Fannie Mae and Freddie Mac have much better programs with less red tape. You can find some good information at www.fanniemae.com the website will also give you a list of approved lenders in your local area, try dealing with someone that you can meet with in person it will make a much better home buying experience. Good Luck and have fun.

Answer 3

A VA own own loan is for conceal tension veterans. A FHA own own loan is for all others, as long as you fit their standards. the ingredient it incredibly is the comparable for the two, is that the perspective is plenty, plenty longer that an often occurring economic enterprise own own loan. the ease is that the activity fee is quite often plenty, plenty shrink.