Equity Home Loans
Fha Home Loans Knowledge Base
Is the government talking about raising the limit for FHA home loans for this year? is it possible with a FHA loan to put 3% down and ask the seller for closing cost?
I have asked several questions on here pertaining to FHA home loans. I now have another.? First of all, thank all of you for your input. This is very important to me. I am trying to get an idea of about where my percentage rate will be before I go to negotiate financing terms. I don't want to go in not knowing what I should. So if you have gotten an FHA loan, I would love to know what percent you financed at. Maybe this will give me an idea of what to expect.
are FHA home loans as Peachy as they sound? Im 21 years old 30,000 income and plan on buying a home in 2years with my wife and son. I plan on having 15,000$ before entering process. FHA loans look like the choice for me since im a first time home buyer and dont want to put 20,000 down for conven.loans i want a 200,000 $ home here in alaska and the fha limit for the area is 268,000 what are the strict rules of fha they most people dont know before going through the process. basically any info you guys can give my so i can walk in the office one step ahead well prepared. thank you
FHA home loans? My son is approved for an FHA loan, and we found a really great house in his price range, but it is a bank repo. His Mortgage loan officer said that he can't use FHA on repos. Is this true? She also said he couldn't purchase a HUD home either, but found out that, that wasn't true. The home is in immaculate condition.
To get approve for a FHA home loan how much money do you have to put down and what is the minimum credit score is 100% financing available with a FHA loan?
Anything bad about a FHA home Loan? Looking to purchase a home with as little money as possible down. It will be under 200K, and in an area considered depreciating so 100% financing is out of the question. Is there anything bad about a FHA loan? If i wanted to sell the house or do a home equity loan would this constrict my options?
which program is better for first time buyer my community program or a FHA home loan? I meet with two different loan officers, one told my community program is the better of the two the other loan officers told me a FHA loan would be the best since we can put the 3% down. what is the difference between the two?
What is a FHA home loan and why does it take so long for the approval? applied for FHA loan a few weeks back I needed to pay off two items they were paid, the broker received the proof but I am still waiting for the approval why does it take so long
Am I the only one waiting forever for her FHA home loan to be approved ? Hello All, I was pre-approved for a home loan, I did some looking and now have the house I want. 30 days later my Mtg Loan is still sitting on an underwriters desk... is this happening to everyone? Is there anything I can do to speed up the process? .. I am really afraid of the seller taking away the house. =0( Thanks in advance!
I would like to refinance my home with an FHA loan. I have cosigned several school loans.? My daughter is currently in the grace period but I need to know if the payment amounts of the loans will be counted as debt for me also?
what are the different types of FHA loans? especially for a HUD home in michigan? our mortgage lender set us up with a great loan called mish-ka (that's how its pronounced, i don't know how to spell it) but our realtor said we may not be able to use that kind of loan because not all loans can be used on all houses. we live in michigan and our offer has been accepted on a HUD home
Has FHA tighten the guidelines for home loan? My friend was pre- approved for a FHA loan around 6 months ago just found a home and was told the guidelines have recently change and she no longer qualifies. My husband and I was also pre-approve for a FHA loan using a different lender do you think this would effect use to? I know are credit is better then the's, are credit score is around 695 that's for both of us.(my husband and I) I thought FHA was giving a higher loan amount.
Will student loans that are for living expenses count as an income when applying for an fha home loan? I am waiting for an answer on my home loan and was wondering if my student loans will count as an income. I have a 5000 dollar down payment and the home is 80000 The agent that I am working with says that there shouldnt be a problem I have great credit and the only debt that I have is 9000 that I owe on my car, I hate to get my hopes up if it really isnt going to happen I have a part timejob also that I make 1000 a month at and get 30000 in student loans yearly that are for living expenses but not all of that gets paid back because I am a single parent If anyone knows the answer to this please help
what are my odds of getting a FHA home loan now? I have little to no debt but I have no down payment to speak of for a home loan my credit has taken a little hit due to a recent divorce but i would like to obtain a loan what is my odds of this happening and what steps should I take to help better my credit references so I can make this happen for me within the next few months
How does going flat rate (mechanics pay) effect being able to get an FHA home loan? my b/f and I are trying to buy a house but there is a chance that weeks before we close he will go flat rate which is similar to commission. Will this effect us at the time of closing even if we have already been approved on his hourly wage.
Is the first home buyer loans the same as an FHA loan? if not which is better?
FHA home loan in Vancouver Washington? I need a FHA home loan in Vancouver Washington, has anyone had any really good experiances? I am also not worried about credit score issues, my credit is spotless and the only thing is really lacks is maturity. Also if you know of any other loan options for first time home buyers, I'm all ears! :)
What are the pros and cons to a FHA home mortgage loan? I have terrible credit but have been pre-approved for FHA at 6% interest fixed for 30 years. I'm wondering if this is the way to go or if there are better ways to buy a home. I'm a single mom, live in Iowa,have very little for down payment, good rent and work history, and signs that I've been working to improve my credit rating.
what is the minimum credit score for a FHA loan or a VA home loan ? in other words what is the lowest credit score you can have to buy a home ?
FHA home loan question? My wife is not yet a permanent resident and is here on a student visa. She does not work outside her university and does not have an SSN. But, I am still buying a home on my own and, according to my lender, would qualify for an FHA loan and a small forgiveable grant. (The grant is a relatively new program.) However, due to Tennessee state law, my wife still has to be on the title. Would this affect my FHA qualifications?
Can someone rent a home that they purchased with an FHA loan? If you purchase a home with an FHA loan (and you still owe on that loan) can you use it as an investment property? Furthermore, can you purchase other properties when you have an FHA loan? Can you live in another property other than the home you purchased with the FHA loan? What are the restrictions?
can i refinance a land loan in with an fha home loan? i'm buying this land and within the next two years i would like to put a manufactured home on it using an fha home loan...can i refinance them into one loan?
How long do you have to wait before you can sell a home that you purchased with a FHA loan? My husband and I recently purchased a home with an FHA loan. Although we enjoy the home, it is not exactly what we were expecting, we probably rushed into the decison a little faster than we should have. We are wanting to sell the home and go with our original plan. Is their a waiting period between buying and selling a home that you bought with a fha loan?
FHA home loan interest rates range anywhere from...5 to 8%? I am curious, do you know? I know it all depends on your personal situation, but is there a limit? I mean certainly no one is handing out loans at 15%... I would guess, anyway.
How long does it take an FHA home loan to close? Hi! We applied for an FHA home loan, on Oct. 6th. Our broker specializes in FHA loans and she is very good at it. All the information is in underwritting as of Monday Oct. 13th. She says their turn around time is suppost to be 48hrs. Then she will get the appriasel done first of next week, provided the underwritter only takes the 48 hrs. After this point.. how much longer. I mean orginally we were told 45-60 days and we thought we wouldnt be moving until December. But.. the home owners dont wanna wait. They are asking for us to close on Nov. 1. She said it might be possible but doubts it.. Does anyone have any advice, is there anything I can do to speed things up??
Im a broker looking for more FHA wholesale lenders doing Manufactured home loans. Land home packages.? We know about TBW, Flagstar Bank, but we would like more.
Can anyone tell me in simple terms the good,bad,ins and outs of a FHA home mortage loan? I've just been approved although my credit sucks, but they say they can tell ive been trying. Is this a good loan for me? I live in Iowa and make to much money to qualify for anything even though I am a single mom of 2.
Can I buy a new mobile home and land with an FHA loan?If not which loan? I want to know if Me and my husband can you a FHA loan to purchase a mobile home and land.If not what is a good loan for mobile homes and land?
looking for a home loan in texas. My midscore is 616 cannot do an fha loan. Can anyone help? the builder that I am going with is offering 14,000 dollars of incentives on the home.
Will a charge off from 2004 (car repo) keep me from getting an FHA Home loan? I had to let a vehicle go back in 2004 when I left the Army after 12 years on active duty. It is now a charge off from the finance company that I bought it from. Will this keep me from getting a FHA home loan?
FHA home loan on a house that needs work.? My husband and I are trying to get approved through an FHA loan on a house that needs some work. In example, it needs a new hot water tank, and some other "cosmetic" work. Now, I have heard that the house has to be in very good condition for the loan to be approved thorough FHA, is this true? Also, with an FHA loan, can you borrow more money to make repairs? The loan will be soley in my husbands name because he has the "better" credit. By no means does "better" mean good. He has OK credit, with a score of 529. So, with that, the down payment on a conventional loan is 20% and that is not an option.
Can i Rent out my FHA Loan home ? I bought this house about 8 mnts ago , I have now gotton a job in a nother state , we do not want to sell our home , we are trying to build our cedit with this house , my question is is it legal for me to rent it out to make the payment?
Has anyone gotten an fha home loan with bad credit? I have a friend that lives in a home already, she wants to sale it, and get approved for a fha loan for another home after her's sale. my question is can she get the fha home loan with a 8 year old bankruptcy, and a charge off thats her mom's they have the same name, her lender wrote a letter about that before she sent it to underwritting, so is it hope for her? WELL THANK YOU ALL. I THINK ALL THESE ANSWERS ARE GREAT!
Can a conventional home mortgage loan be refinanced using FHA? I know that if a person already has an FHA loan, they may refinance using the FHA Streamline process. If a person currently has a conventional mortgage loan, can they refinance using FHA? If posible, can you please provide me the resource where I can read this information. Only if that's not to much trouble. I looked on the HUD website but locating that particular information was far to cumbersome. Thank you
can scholarship money be used towards income on an FHA loan? I recieve $5000 to use towards housing and transportation, from my scholarship department. Can I use this towards income when applying for an FHA home loan? I will be guareenteed this money until I graduate ,as long as my GPA stays where it needs to be. None of these answeres are correct. FYI FHA loans do not allow scholarship money as income.
Does the FHA give loans on homes that are being constructed? My husband and I would like our home built and put on land will the FHA give a loan to have it done? And what is the max amount that can be loaned out if so? Thanks.
In these tough economic times are the FHA still giving out home loans at 3%? ? I have always wanted to own my own home, at a reasonable price, where I can afford the payments. I know they have been lending with 3% down for years, but now I am hearing that you need at 20% down!!!
FHa home loans? I live in Michigan. Can anyone tell me the diff. between FHA loans & conv. loans & who would benefit from an FHA loan over a conv. loan?
FHA home loan and my FICO score? So I applied for a FHA home loan, but I got turned down because my FICO score was too low. They said that I needed at least a 680 to qualify. However, looking around in the internet, I saw some information that said FHA doesn't base its decisions on the FICO score. I am confused... do you or don't you need a FICO? If I do, do I need a 680 like Quicken Loans just told me? My FICO is 650 at the high and 600 at the low. I am looking to buy a 250k home, and have enough for a 5% down payment. I make 70k a year, and my bills are only $750 per month... CAN ANYBODY HELP ME? DO I EVEN QUALIFY FOR SOMETHING? OR AM I DOOMED TO SPEND ANOTHER YEAR WITH SMELLY ROOMMATES?!!!!
Advantages/disadvantages to FHA vs. Conventional home loans? Stop making yourself look like an idiot.
Are FHA loans only for first time home buyers? I am looking to buy a condo now, however when I choose to purchase a house in a couple years I dont' want to miss out on incentives for first time homebuyers at that time because I am buying a condo now.
Has FHA tighten the guidelines for home loan? My friend was pre- approved for a FHA loan around 6 months ago just found a home and was told the guidelines have recently change and she no longer qualifies. My husband and I was also pre-approve for a FHA loan using a different lender do you think this would effect use to? I know are credit is better then the's, are credit score is around 695 that's for both of us.(my husband and I) I thought FHA was giving a higher loan amount.
First time Home Buyer and confused. What is the Difference between an 80/20 and an FHA Loan? I am a first time Home buyer, and my Loan Officer is confusing me about an 80/20 and an FHA Loan. To anybody familiar with these terms, can somebody explain it to me what these two types of Loans are? And which would be advantagous on my part. Thank you.
Which wholesale lenders are still doing FHA loans on manufactured houses? I'm trying to refinance a client with a manufactured home. Loan had been approved with Wells, but they stopped all loans on manufactured in December. I already checked with Chase, Suntrust, First Horizon. None of them do manufactureds either.
FHA Home Loan? Is there anything that would disqualify me for an FHA home loan?
FHA home loan question? I'm looking at a home to buy that is a foreclosure. The people who lost that home tore out the air-conditioning unit and replaced it with an old used one that is not connected to the house at all. I know the cost like $4,000 for a new unit. My Realtor and Loan broker are trying to tell me that it would have to be fixed before I move move in because of the FHA loan. I think this is something they are telling me to distract me from that house to try and get me to look at something different so they can make more money off of me. Can anyboby help me with that?
FHA Home Loan Question? I am looking at getting my first home loan. This will be a FHA home loan so I only have to put the 3.5% down. I am looking at getting a 75K loan for 30 years. The average tax would be 1000 a year. How much should I expect to pay a month: Include all the fees, taxes, insurance, etc... Ok lets say I get it at today's interest rate. The insurance I want would be average, about what most new buyers get, fire flood etc.
Bad Credit Home Loan?? FHA?? My fiancee are looking into buying a house. We found a very nice house for 150,000, but neither one of our credit scores are very good. I'm around 520 and she is a little above that. I currently don't have any debt, I have a truck that is paid off and no credit cards. She has doctor bills that she working on paying off and we have quite a bit in savings, around 40,000. Together we make about 65,000 a year. Could we possibly qualify for a home loan and could we get an FHA loan? Thanks for the help!!
FHA vs. Conventional Home Loans? What are the differences? What are the obvious pros and cons of each?
FHA Home Loan question.? On our loan agreement it lists 3 things: P&I LTV CLTV I know P&I is principal and interest. What does LTV and CLTV stand for? Also, we can't figure out what it is asking us to pay per month. It says the P&I is $501, the LTV is 97.75, the CLTV is 97.75, and that the total points payable on our loan are 1%, equal to $782. So do we pay $501/mo or $782?? Sorry, first time home buyers/borrowers here. Thanks for your help!
fha or flexible 97 home loan? my wife and I both have credit scores of over 700 and our income is above 120% of median for the area. We have enough for 3% down payment but not much more. What are the advantages of a flexible 97 loan from fannie mae compared to a fha loan with 3% down. home price is just over $200k
VA or FHA home loan? I put in a contract that was accepted saying that I was going to use VA. Do I have to use it or can I change to FHA? Also for someone with credit over 700 and a down payment of 3% what one would be better to use?
Applying for an FHA loan to purchase a home.....? I want to purchase a home and I was wanting to apply to see if I qualify for the FHA loan. I live in Amarillo, Texas. I am married and don't have any children. Im a full time student and my husband works for a meat packing plant. My 26 yr old sister and her two children have been living with us for the past 3 yrs. My sister doesnt work so for the last two yrs, well this would be the third, we have been claiming her children on our taxes. My question is: Would I be able to use her two children as dependents when applying for the home loan? Could my husband use me as a dependent since I dont work? My husband and I are both 23 yrs old. Any help is appreciated I have already tried the website to hud and the others that discuss the FHA loans and could not find an answer to my question
My husband and I are considering getting a FHA home loan, we are first time home buyer? we are wanting to stay around 185K (pre-approve up to 230k) If we put $2000 earnest money down is the 2000 minus the $5,550. the 3 % for the down payment we are asking seller to pay all closing cost so question is is 2k going to minus the 5500. so at closing we would only have to pay 3550. 5550 the 3% down -2000 earnest money ----------------------------- 3550 the difference we meet with the loan officer again on monday but just wondering
How long does it take to close on an FHA home loan? The contract has it down from one month from when we signed but it has been a week and we have not heard anything. We turned in all kinds of paper work; bank statement, car payment history, landlord letter, pay stubs. A check to a title company that is in limbo until closing. I am getting nervous about all of this. When the loan officer told me the underwriter approved us over a month ago we started looking for a house. Now that they have the contract I don't know what to expect. So far only nightmares.
Can a parent co-sign for an FHA home loan? If my kid has bad credit can I co sign with my score and his income to qualify.
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