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quilifying for a FHA loan today in California

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barb2468 Joined: 11 Jan 2009 Posts: 1 1.39 Dollars($)	Posted: Sun Jan 11, 2009 9:09 am    Post subject: quilifying for a FHA loan today in California Like 0 Dislike 0 We are getting different information from different realtors that we just pass by at open houses. We need to know what we need to qualify for an FHA loan and if we need a co-signer, what do they need or should not have in order to co-sign. Can they already own a house? Can they live out of state? What do their credit score have to be? Do they need to be a leagal residen? As for us trying to buy the house, what can our credit score be? What percentage down do we need? How much do we need down? Questions like these are the ones we need the correct answers for. Please give me the most information that you can. All of it if possible. We are about to get kicked out of the house the we rent because the owner, even though we are still paying her rent, she has not made a morgage payment in 7 months. Please, Please help. THANK YOU
sara Moderator Joined: 05 Jul 2006 Posts: 2694 Location: New Brunswick, New Jersey 496.42 Dollars($)	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

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