Can somebody explain HOA Loans in simple English, please? Thanks

2 Replies

I'm a complete newbie. Im doing some research on what could be my first ever purchase. I Am also looking into what my best option would be as far as funding such property with little to no down. I am looking in the Luna county areas and just happen to come across HOA Loans in a document and would love it if someone could explain it to me in more simple words.

It would also be wo derful if anyone could guide me into what has worked for them and how to go forward with it.

Thank you all in advance. Looking forward to becoming an expert at the material and help others when the time comes

@Baltazar Granados

Hey Baltazar, 

I think you are confusing HOA with FHA.

An FHA loan is a mortgage insured by the Federal Housing Administration. With a minimum 3.5% down payment for borrowers with a credit score of 580 or higher, FHA loans are popular among first-time home buyers who have little savings or have credit challenges.

What has worked for me is going to University and getting a great career.  Saving money for a down payment.  Making sure I never paid any of my bills late so that can have an 800 credit score.  

Last I had the guts to lay down my hard earned money to start investing.

It is really that simple.  

The problem with the way I did it for most people is that there is no short cut, no magic pill or wand or trick to pull so that the process goes faster.

I hope that helps good luck!!!