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Published on: 2/8/2008
Last Visited: 3/6/2008
"FHA from what I've seen may have somewhat of a stigma as for being for people with poor credit, first time home buyers or for low income customers," said Ruth Battle, Senior Vice President for Paramount Mortgage in St. Louis."That's not the case."
According to Battle, the program is ideal for urban areas like St. Louis in need of revitalization and for expanding homeownership opportunities.Locally, a lot of lenders still don't participate in the program and presently FHA recommends only Paramount Mortgage and Wells Fargo in our area.
"FHA is wonderful because it allows you to get a good market rate," explained Battle.
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"There are standardized forms that 203(k) has that everybody uses so we're all reading out of the same book," said Battle.
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"Safeguards for the consumer at this point are very important," explained Battle.