Home arrow Mortgage Forums arrow Forums: Learn from other's experiences arrow

quilifying for a FHA loan today in California

Author Message
Icon Mini Profile barb2468





Joined: 11 Jan 2009

Posts: 1

1.39 Dollars($)
Post Posted: Sun Jan 11, 2009 9:09 am    Post subject: quilifying for a FHA loan today in California
Like 0
Dislike 0

We are getting different information from different realtors that we just pass by at open houses. We need to know what we need to qualify for an FHA loan and if we need a co-signer,
what do they need or should not have in order to co-sign. Can they already own a house? Can they live out of state? What do their credit score have to be? Do they need to be a leagal residen?
As for us trying to buy the house, what can our credit score be? What percentage down do we need? How much do we need down? Questions like these are the ones we need the correct answers for. Please give me the most information that you can. All of it if possible. We are about to get kicked out of the house the we rent because the owner, even though we are still paying her rent, she has not made a morgage payment in 7 months. Please, Please help. THANK YOU
Icon Mini Profile sara
sara
Moderator



Joined: 05 Jul 2006

Posts: 2694
Location: New Brunswick, New Jersey
496.42 Dollars($)
Post Posted: Mon Jan 12, 2009 3:25 am    Post subject:
Like 0
Dislike 0

Hi Barb,

Welcome to the forums.

If you're willing to go for an FHA loan, you'll need around 580-600 as your credit score. However, your credit report shouldn't have unpaid collections or charge-offs.

You may or may not need a cosigner depending upon your income and credit score. The cosigner need not have ownership rights on the property. But he can already have a house of their own. It depends upon how much a person earns and how much he can afford to pay.

i guess the cosigner needs to be a legal resident of that state because it is he who has to pay off the mortgage in case the borrower defaults.

Regarding the down payment, you need minimum 3.5% of your home purchase price and maximum 20% of the price. I suggest that you have a talk with the lenders in this community. Just go for a no obligation free consultation with the community lenders on the right mortgage that can best suit your needs. The lenders will be able to guide you on what's available for you and which loan option you should choose.

Take Care

_________________
Find me at FB: http://www.facebook.com/people/Sara-Jones/100002976822020
Quick Reply
Your Name
Subject
Image Verification


Can't read the image? click here to refresh
Message body

All times are GMT - 7 Hours
Page 1 of 1

 
Highlights

Bookmark this page

Helpful References

Mortgage Guide
Mortgage Terms
Mortgage News
Book Center
Shop and Compare lenders
30 Yr. Fixed Vs. 5/1 ARM


Calculators

     [View all]
Are you eligible for loan?
How much you can afford?
Calculate monthly payment
Calculate APR


Financial Tools

Credit Repair Tool New
Mortgage Planner
Simple Budgeting Tool


Our Community

MortgageFit Blog
Community Professionals
Community Rewards
Introduce yourself
Website tools


Community Rewards

Five simple ways to earn money with the Mortgage Community.

MortgageFit on Twitter

Followers (252)











We have chosen to apply the Creative Commons Attribution License to all works we publish. This work is licensed under cc by 2.0
Page loaded in 0.103 seconds.