Posted on: 08th Jun, 2009 07:34 pm
Alright,
My fiance and I were pre-approved and we were driving by a house we were interested in. The realtor who is listing it was there showing it and said we could come and take a look at it. We did and really liked it. We mentioned we had an FHA loan and he stated that they just passed something 2 weeks ago that buyers are required to come up with 25% for modular homes. That doesn't seem logical to me, considering the FHA program. He then recommended a bank a town over that could probably do it for 2-3% down, which again makes no sense.
My fiance called the bank, Bank of America, who looked and looked and they couldn't find anything on it. Our loan officer is out until Wednesday so I guess we will be without a definite answer tomorrow. Is anyone aware of this or does it sound like some kind of funny business?
My fiance and I were pre-approved and we were driving by a house we were interested in. The realtor who is listing it was there showing it and said we could come and take a look at it. We did and really liked it. We mentioned we had an FHA loan and he stated that they just passed something 2 weeks ago that buyers are required to come up with 25% for modular homes. That doesn't seem logical to me, considering the FHA program. He then recommended a bank a town over that could probably do it for 2-3% down, which again makes no sense.
My fiance called the bank, Bank of America, who looked and looked and they couldn't find anything on it. Our loan officer is out until Wednesday so I guess we will be without a definite answer tomorrow. Is anyone aware of this or does it sound like some kind of funny business?
BB2K9,
Welcome to the forum.
I think that guy is taking you for ride. no where heard of 25% down payment for FHA loan. All the requirments are the same as a reular home.
They do you have some rules around the property requirments, other than that, it is some trcik he tryign to play on you.
Good luck and feel free to ask
Welcome to the forum.
I think that guy is taking you for ride. no where heard of 25% down payment for FHA loan. All the requirments are the same as a reular home.
They do you have some rules around the property requirments, other than that, it is some trcik he tryign to play on you.
Good luck and feel free to ask
Hi BB,
The down payment requirement for an FHA loan is 3.5%. This requirement is the same for all types of FHA insured loans. I have never heard that FHA requires you to put down 25% of the purchase price. I think the realtor is not giving you the correct information.
The down payment requirement for an FHA loan is 3.5%. This requirement is the same for all types of FHA insured loans. I have never heard that FHA requires you to put down 25% of the purchase price. I think the realtor is not giving you the correct information.
Thanks everyone. We felt the realtor had some hidden agenda and may possible be getting some kind of kickback or something else from the recommended bank, which we thought was illegal.
Either way, we are going to find a new realtor today and tr to look at the house through him.
Either way, we are going to find a new realtor today and tr to look at the house through him.
Interest rates on FHA loans are generally market rates, while down payment requirements are lower than for conventional loans. Down payments can be as low as 3 percent, and closing costs can be wrapped into the mortgage.
BB2k9
Minimum down payment required for FHA loan is 3.5% and it may carry some MIP or PMI . Nortgage insurance premium.
Realgeni
-Good credit is easy to achieve, as long as you use it responsibly.
Minimum down payment required for FHA loan is 3.5% and it may carry some MIP or PMI . Nortgage insurance premium.
Realgeni
-Good credit is easy to achieve, as long as you use it responsibly.