Simple question I can't seem to find a simple answer for.
Thank you in advance.
2007-08-29 08:37:23 · 8 answers · asked by LostKoss 1 in Business & Finance ➔ Renting & Real Estate
There are some restrictions, but you can buy practically any home with an FHA loan.
For instance if the home has no heating and no cooling I believe you can't use FHA.
2007-08-29 08:49:33 · answer #1 · answered by glenn 7 · 0⤊ 0⤋
MOST of the HUD houses can be bought using an FHA loan - not all qualify,
You can use an FHA loan for the purchase of a non-HUD house, provided it's within HUD's guidelines. That includes maximum loan amount allowed for your area, and minimum condition requirements. For example, must have a heat source (A/C not needed) and a working toilet... other requirements too as to condition, like roof and foundation OK.
There is sometimes a difference - which you can possibly use to your advantage, As stated before, HUD sets condition requirements for a house to be sold using an FHA loan. On the HUD owned houses, they seem to (it's not "policy", but we in the business see it) lower the standards to qualify (the house, not the buyer) to use an FHA loan. Where it has benefited some of my clients is this: Buyer qualifies for an FHA loan of not more than $100,000. Wants to live in a $120,000 neighborhood. The "fixer-uppers" in that neighborhood that are priced at $100k need too much fixing to qualify for an FHA loan.... that is, except for the HUD fixer-upper. Get the picture?
Good luck with your house hunting. Hope you bag a good one.
2007-08-29 10:57:20 · answer #2 · answered by teran_realtor 7 · 0⤊ 0⤋
You can use an FHA loan as long as you meet their guidelines.
In fact people who were doing option arms, no money down are now forced into FHA loans because they require the least amount of money down.
And they are guaranteed by the government. They are NOT loans made by the government, they are guaranteed by the government.
5% down minimum to do an FHA loan.
Hope this helps!
Terry
http://www.Welcome2Arizona.com
2007-08-29 14:26:28 · answer #3 · answered by Terry S 5 · 0⤊ 1⤋
You can buy any house as long as your loan does not exceed the FHA lmaximum loan limit for your county.
2007-08-29 08:47:15 · answer #4 · answered by Anonymous · 0⤊ 0⤋
yes you can buy any house with an FHA loan, doesn't need to be HUD!
2007-08-29 08:45:02 · answer #5 · answered by SamanthaB 1 · 0⤊ 0⤋
All options are available depending on your :
Credit History
Income to Dept. Ratio
Down Payment or 100% ffinancing.
Work History, etc.
Check out some of the On line Mortgages or with one in your neighborhood.
2007-08-29 08:51:07 · answer #6 · answered by Anonymous · 0⤊ 0⤋
fha does many types of homes! looser guidelines on many cases
2007-08-29 08:45:57 · answer #7 · answered by Anonymous · 0⤊ 0⤋
YES
2007-08-29 08:53:59 · answer #8 · answered by ? 4 · 0⤊ 0⤋