| Author |
Message |
|
|
 xmljar
Joined: 08 Apr 2007
Posts: 13
9.31 Dollars($)
|
 Posted: Wed May 09, 2007 9:01 am Post subject: FHA loans |
|
|
1. how do you qualify for a FHA loan? What are the criteria? Can you put 20% down and still qualify? Does income play a role?
thanks, |
|
| |
|
 |
lojec
Guest
0.10 Dollars($)
|
| Posted: Wed May 09, 2007 10:41 am Post subject: |
|
|
| There are loan limits for fha insured mortgages and your debt to income ratio should be within specified set limit. The good thing is that you can get a loan by making a 3% downpayment instead of 20%. |
|
| |
|
|
blue
Joined: 21 Oct 2005
Posts: 1138
Location: MARYLAND
135.13 Dollars($)
|
| Posted: Wed May 09, 2007 1:56 pm Post subject: |
|
|
Hi Xmljar,
Welcome to Mortgagefit discussion board.
| Quote: | | Does income play a role? |
There is no set standard income requirement that you should have to qualify but it should be such that you are able to pay your debts.
You can go through this page for more information about the basic qualifying requirements for fha loans - http://www.mortgagefit.com/discuss/qualifyfor-fhaloan.html#requirement s
Do let me know if you have any other questions.
Thanks
Blue |
|
| |
|
|
jameshogg
Joined: 20 Dec 2005
Posts: 954
Location: nevada
116.97 Dollars($)
|
| Posted: Thu May 10, 2007 12:36 am Post subject: RE: |
|
|
Hi Xmljar,
Welcome to forums.
FHA loans are the ones that you can qualify for by making down payment as low as 3% of the home purchase price. Lenders providing such loans do not take into account your credit score but they do consider your income and liabilities. They may require you to have less income compared to conventional loans in order to qualify for FHA loans. Usually your debt-to-income ratio in case of FHA loans should be 29/41.
As you have mentioned, if it is possible for you to put down 20% of the purchase price, then that's a good thing indeed. It will help you to get a reasonable interest rate also.
Thanks |
|
| |
|
|
Johan van Benthem
Guest
0.10 Dollars($)
|
| Posted: Thu May 10, 2007 4:44 pm Post subject: |
|
|
| Quote: | | Can you put 20% down and still qualify? |
There is no maximum down payment limit but at least 3% down payment is to be made. If you want to, then there is no problem with putting 20% down.
Johan van Benthem |
|
| |
|
|
dempsey
Guest
0.10 Dollars($)
|
|
| |
|
|
heavenhack7
Joined: 05 Apr 2007
Posts: 73
0.78 Dollars($)
|
| Posted: Sat May 12, 2007 2:24 am Post subject: |
|
|
| hey check this site you will be clear "www.fharesearchcenter.com" |
|
| |
|
|
Andrew
Guest
0.10 Dollars($)
|
| Posted: Sun May 13, 2007 10:14 pm Post subject: |
|
|
| can anyone advice on fha streamline refinance? |
|
| |
|
|
colin
Moderator
Joined: 30 Jun 2006
Posts: 602
Location: Waltham, Massachusetts
112.61 Dollars($)
|
| Posted: Mon May 14, 2007 11:13 am Post subject: |
|
|
Hi Andrew,
Welcome to Mortgagefit forum.
The requirements for a streamline refinance are:
1. Your present mortgage should not be in default.
2. The mortgage should be a FHA insured mortgage.
3. Cash cannot be taken out from the refinance.
4. The refinance will result in lowering your principal & interest payments.
Streamline refinance can be offered by lenders to include closing costs into new mortgage. But this can be possible if there is enough equity. A streamline refinance can also be done without appraisal but in such situation the new loan cannot be more than original loan amount.
Additionally, no cost refinance in which borrower does not have to pay for closing cost expenses is also done by lenders. For such refinance a higher rate is charged for the new mortgage.
Colin |
|
| |
|
|
ezmortgageloanz
Moderator
Joined: 06 Apr 2007
Posts: 124
Location: National
37.56 Dollars($)
|
| Posted: Thu May 24, 2007 6:39 pm Post subject: |
|
|
As one that originates FHA, I think I can shed some light on the topic:
a. Qualifying factors for FHA loan:
- Credit score is not a driving factor
- Have a min. of 3% for downpayment
- Verify income/assets in a FULL DOC format
- Steady employment (> 2 years)
- Acceptable credit history (no late payments preferred [but not always necessary] in the last 12 months)
- Front/Back end ratios of 29/41
b. You could put as much as you want down and still qualify for a FHA loan.
c. There are no specific income guidelines beyond DTI for FHA.
d. 3% down payment may not be required if you qualify for a DPA grant.
Regards,
Scott Miller
_________________
National FHA Mortgage Broker
www.BadCreditMortgageMakeover.com
|
|
| |
|
|
eric
Guest
0.10 Dollars($)
|
| Posted: Fri May 25, 2007 3:41 am Post subject: |
|
|
Hi Scott,
What is DPA grant?
_________________
Need help choosing the right loan? Get free consultation from community lenders/consultant |
|
| |
|
|
miller_st
Joined: 17 Jan 2007
Posts: 917
168.82 Dollars($)
|
| Posted: Thu May 31, 2007 5:48 pm Post subject: |
|
|
| Quote: | Hi Scott,
What is DPA grant? |
Eric,
DPA grant is short for down payment assistance grant which a person can avail if he is not in a position to make the required down payment.
Miller |
|
| |
|
|
