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xmljar · Joined: 08 Apr 2007 Posts: 14 9.72 Dollars($)

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,

Guest

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 · Posted: Wed May 09, 2007 1:56 pm Post subject:

Hi Xmljar,

Welcome to Mortgagefit discussion board.

jameshogg · 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

Guest

Guest

get more information on fha loans from here - http://www.hud.gov/buying/loans.cfm

heavenhack7 · Joined: 05 Apr 2007 Posts: 76 1.14 Dollars($)

hey check this site you will be clear "www.fharesearchcenter.com"

Guest

can anyone advice on fha streamline refinance?

colin · 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 · 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

Guest

Hi Scott,

What is DPA grant?

miller_st · Joined: 17 Jan 2007 Posts: 918 168.95 Dollars($)

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