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 egyptcrossarabs
Joined: 02 Apr 2008
Posts: 2
1.75 Dollars($)
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 Posted: Wed Apr 02, 2008 6:18 pm Post subject: FHA Loans |
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What can you tell me about FHA loans? How important is credit and what can you expect as a downpayment?
I am thinking about selling my home to pay off debt, but I have to be able to get into another home too? |
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larry
Joined: 27 Jun 2007
Posts: 3328
473.40 Dollars($)
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| Posted: Thu Apr 03, 2008 12:36 am Post subject: |
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Hi egyptcrossarabs,
Welcome to the forum.
FHA loans are not score driven. So even with low credit score you can get approved for FHA loans. But you should have any late payments in the last 12 months.
Shop a bit for lenders for better rates and terms. you can get "No-obligation free consultation" from the community lenders by filing the required from at http://www.mortgagefit.com/
Hope this helps.
Feel free to ask if you have any further questions.
Best of luck,
Larry |
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Guest
0.10 Dollars($)
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| Posted: Thu Apr 03, 2008 12:14 pm Post subject: |
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Thanks for your answer. Unfortunately, my husband was hospitalized and out of work for sevral months so we have fallen behind...thus, the thinking about selling this home to get into another, and pay off debt? If they take *less than perfect credit* then requiring that you be current on all payments is a bit of a contradiction, no?
Seems like I better get out my shovel and start getting out of debt the *hard* way? |
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Guest
0.10 Dollars($)
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| Posted: Thu Apr 03, 2008 12:14 pm Post subject: |
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| That was me...I never got my sign in info. |
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helping_user
Joined: 31 Mar 2006
Posts: 720
Location: Hawaii
134.62 Dollars($)
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| Posted: Fri Apr 04, 2008 12:06 am Post subject: RE: fha loans with late payemnts |
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Hi egyptcrossarabs,
I think you should contact Sam (admin) for the signing info. Refer to the Contact Us page to get Sam's email address.
It's no doubt difficult to handle a situation as yours but don't lose hope. Ypou can still qualify for FHa loan with late payments. Lenders doing manual underwriting allow for this.
Checkout if you are eligible for FHA loan with late payments .
Thanks. |
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Mac_7
Guest
0.10 Dollars($)
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| Posted: Fri Apr 04, 2008 4:33 am Post subject: |
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| Not all factors like late payment, collection etc have the same negative effect on your credit score. Each negative item reduces your score by a certain number of points and the dropdown in the score varies from one negative item to another. So, even though you have had 1 late payment, if all other factors are ok, you may be having a fair credit score, if not good credit. |
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chrisburns
Joined: 13 Nov 2007
Posts: 106
Location: Florida
27.90 Dollars($)
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| Posted: Fri Apr 04, 2008 5:02 am Post subject: |
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FHA is highly driven by compensating factors such as length of time on the job, lower DTI with good income, etc..
Someone would need to really go over your credit with you that is experienced with FHA underwriting standards. For a basic overview of FHA guidelines you can visit this page wich spells it out: ""http://www.fivestarsmortgage.com/fha-guideline-overview""
Do you actually have mortgage lates right now?
_________________
Chris Burns
Five Stars Mortgage, LLC
Office: 800-871-2636 ext. 200
Cell: 407-456-3697
Residential & Commercial Loans |
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