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Posted: Wed Oct 21, 2009 5:17 pm Post subject: FHA qualification question

If I am not a first time hoe buyer, do I qualify for FHA financing?

jenkin7 · Posted: Wed Oct 21, 2009 10:41 pm Post subject:

Hi Guest,

You can definitely qualify for FHA financing, even though you are not a first time buyer. As long as you meet the required criteria for a loan, you will not have any problem in qualifying for FHA financing. You need a minimum of 620 credit score and 3.5% down payment to qualify for an FHA insured loan.

raymond · Posted: Thu Oct 22, 2009 11:45 am Post subject:

Yes, and if you're looking into FHA, you'll want to see if you're eligible for USDA financing too. FHA requires 3.5% down and has Mortgage Insurance, but USDA is 0 down and doesn't have Mortgage Insurance. There are other benefits too, so be sure to compare both programs.

cthornton · Joined: 22 Oct 2009 Posts: 2 1.30 Dollars($)

Good point Raymond. USDA is a great product and should be looked at first to see if the home is in a rural area and qualifies. Please note that the mortgage insurance is built into the loan amount, 2% of loan amount to be exact. FHA has a 1.75% built in MI with a monthly amount. USDA does not have a monthly MI payment. Both great loan programs.

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FHA qualification question