How do you qualify for an FHA loan?
(0) | asked by: Gina Perez | share | 60 months ago | Report
You need a Lender, Gina. I work with three really good lenders on a regular basis. Contact me and I will forward the information directly to you.
(2) | 60 months ago | Report
HI Paul I am from the lending side. If you are Canadian without american credit you still qualify for a loan. There are various options for you. If you are residing in the states and working we can get the loan done with better terms, we do loans for those with no credit score. Please contact me to discuss.
Hey Gina, FHA loans are ideal because the down payment if only 3.5% of the purchase price. There is what is called "mortgage insurance" that is added to your payment for the life of the loan. I suggest you meet with an experienced FHA loan officer, if you need a referral or two, it would be my pleasure to refer you. Getting a mortgage is like just about anything else you are considering purchasing - shop around and try to get the best rate and lowest fees. Best of Luck.
It needs to be your primary residence and there are more guidelines to qualify. Just follow the other Realtors answers to contacting your lender if your planning on occupying the home. Good luck!
Gina, You need to meet with a loan specialist (Mortgage Broker/Bank, etc.) in order to determine your exact qualifications. If you contact a Realtor in your area for a recommendation. Most Realtors have built a good relationship with lenders that can "get the job done'. Best of luck! Jenn Smith
The best way is to meet with a mortgage specialist, Loan Officer, or Lender. You might decide that Other Financing Options better suite your Needs. Take A Look and see! Good Luck!
Hi Gina. Absolutely on purchasing after a foreclosure. Much sooner then most think. If you ever want a quick look and get qualified or have any questions just let me know
Gina, if you are still looking you can contact me and I would be happy to help you get qualified. In today's market with the high mortgage insurance on an FHA loan and the fact that the MI does not go away, it might make more sense to go with a conventional loan. It would be 5% down instead of 3.5% on the FHA loan but it makes more sense. Please feel free to contact me if you have any other questions. Thanks!
answer by paul grewal
I moved from canada and how will my credit rate will be rated? i have a good credit rating in canada.
feel free to contact me directly for referrals of my professionaly qualified loan officers.
Simply spend 15 minutes with a licensed mortgage banker and he/she will advise you if you qualify and what offer price you are capable of. You will need 3.5% of verified funds of your own as Ernst money down and a credit score of 640 for starters. Feel free to give me a call. I can originate in all states.
I have an excellent Lender that will assist you in the process. Just click the contact Me link, just next to my name. Good Luck!
Contact your local bank that you do business with first, they have your bank accounts and personal info already, they will slao run your credit for you and give you a current list of the programs you qualify for. They will also give you a work list of things they will need to start the process. Once you are qualified check an independant mortgage broker for better loan costs.
Start with your local lender where you have basic checking/savings and ask the question. Before you go, read up on the FHA program administered by HUD at HUD.gov. Make sure you have reviewed your credit reports carefully for accuracy as well. Go to FTC.gov and use keywords "free annual credit report" and follow the instructions to order your reports by phone. You need all 3.
With the FHA loans we are alowing up to Debt to Income atio of 56.9%but also down to a 580 credit score ou can put as lttle s 3.5% own. We also have Down Pyayment Asistance o you cn get into the home with as l ittl as $1500
I work with several good lenders that will guide you through the process.
Hi Gina. An FHA loan requires you to have a down payment of at least 3.5% of the purchase price. Your down payment can be all gift from a family member as long as its documented properly. Credit score of 640 is recommended but not required as we can go lower with compensating factors. The seller can contribute up to 6% of the sales price towards your closing costs. Contact me for more details or if you're seeking a no obligation Pre-approval.
The answer is YES! Doris, once again, question for a good lender so they can guide you thru the process.It will take some time and guidance, but, you will make it. Click on contact link and I will send you some contact information on reliable lenders. Best of Luck - good question! KL
When a borrower is getting pre-qualified for a home loan, the lender is looking for three specific things when reviewing an application. There is an expression for lenders the three C rule. 1. Credit - Credit is the starting point to determine what program and what interest rates you will be able to get. While FHA will allow scores lower or no scores than Conventional loans there are limitations. 2. Capacity - This means you can demonstrate the ability to repay the loan. How is this done? Job stability, low debt to income, verified income. 3. Collateral - This means what your down payment amount is going to be and the minimum value of the house based on the appraisal cannot be lower than the contract price. The minimum down is 3.5% with a 620 FICO score which can be a gift from a family member or savings. Talk with a mortgage professional to discuss your specific scenario and evaluate the best option for you. Please feel free to contact me with any questions or concerns.
Good morning Gina, A lender can help you get approved for an FHA loan and a real estate agent can guide you towards the property that will be approved for an FHA loan, please contact me at your earliest convenience and I will be happy to work with you to find your dream home. Have a good day. Maha Madanat
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