FHA loan question?

Question

Where do I go to apply for an FHA Loan?

What is the criteria to get the loan?
If I can get one of their grants for the down payment, do I still need to have some of my own money for the closing costs?
What credit score do I need?

Answer 1

Go to these websites
http://www.nehemiahcorp.org/

http://www.fanniemaefoundation.org/...

http://www.fha-home-loans.com/

Also, depends on the area you live in, there are payment assistant programs (like section 8 housing), but your payments are based on your income. The program is called The USDA Rural Program. Here is a link to the site. Hope it helps.

Welcome to the USDA Income and Property Eligibility Site

http://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do

ALSO:
Talk with a broker, a broker underwrites for many company's (I underwrite for 150 companies) so I only have to pull credit 1 time, and they look at my credit. A single lender (not a broker) has programs available, but they may not be able to help you and your situation, so you go elsewhere, and than that person pulls your credit (see what I mean.) FHA/VA approved too. If you shop, your credit is pulled and that is considered a soft pull, for a 30 day period. Just like shopping for a auto, it is good for 30 days. If you apply for a credit card, that is considered a "hard" pull and it drags down your credit score. When looking for a home, please do not apply for a credit card, Department Charge Card, Gasoline Card or make any major purchases, like a auto, etc. This will pull your credit down

Answer 2

Answer: The U.S. Dept. of Housing and Urban Development offers a variety of loan insurance programs through the Federal Housing Administration, which requires approximately 3 to 4 percent cash down. There are no income requirements to qualify for a FHA mortgage. Other advantages are that FHA loans do not contain prepayment penalties and in some cases they are assumable by qualified purchasers.

FHA loan limits vary, depending on the county where the property is located. FHA loans are originated and serviced by private lenders.

FHA does not lend money. The mortgage is made by a bank, savings and loan, mortgage company or other FHA-approved lender. In addition, FHA does not set the rates and points. The lender determines these, so it is best to shop around by calling several FHA-approved lenders.

Anymore questions ask Me

Answer 3

This are some of the guidlines for an FHA Loan
•All FHA transactions must be Owner Occupied Primary Residences
( Kiddy Condos is the only exception to this guideline)
•All FHA transactions are full doc
( FHA streamline refinances is the only exception-203b )
•FHA max loan amount on a Refinance Cashout is 95% LTV
•FHA max loan amount on a Purchase is 97.75% LTV
•FHA upfront mortgage insurance is 1.5% (can be financed )
•FHA monthly mortgage insurance is .5%
•FHA requires the borrower to have a minimum of 3% of the sales price
Invested into the transaction
FHA allow 6% Seller Concessions
•FHA loans are assumable
•FHA limits borrowers to only one FHA Mortgage
•FHA has maximum loan limits per county
(example: Broward,Palm Beach and Dade County -362,790)

Good Luck
Ivan Warman
www.rightabouthomes.com

Answer 4

Apply at any mortgate lender. Virtually all of them offer FHA insured loans.

It's not a grant program but a mortgage guarantee program with lower down-payment requirements than standard conforming mortgages.

You will need to meet the ordinary credit-worthiness standards established by the lender. There are no specific credit-worthiness standards from the FHA.

If you need assistance with the down payment and closing costs, look into one of the buyer's assistance programs such as the Nehemiah or Buyer's Fund programs. Most lenders are familiar with them, as are most real estate agents.

Answer 5

The best place to get these answers is www.hud,org

Answer 6

I know where