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Fha requirements to qualify

  • Question : How much cash do I need to buy a $200,000 home? Answer : It's great that you've saved $7,000 towards your home purchase, it's very difficult for most people to save enough cash for a down payment. You'll nee.... Read More
  • Question : I'm living with my parents and trying to save up for a house, but I'm worried that because I don't have a long credit history I might not qualify for a loan when I'm ready to buy next year. What should I be doing besides saving money? Answer : It's great that your parents are helping you this way and that you're thinking ahead. Mortgage lenders will look favorably on your savings pattern and.... Read More
  • Question : I've been saving up to buy a house next year, but now that mortgage rates are going up a little and the prices are rising in my area, I'm afraid I won't be able to afford a house if I wait. I've saved about $5,000 but I don't think that's enough. Houses where I want to live cost around $250,000. Are there any options for me? Answer : It's good that you've been saving money because lenders want to see a pattern of savings and some cash reserves on hand in addition to the money you'l.... Read More
  • Question : I have my eye on a house I want to buy, but I know it will need a new heat pump soon. I don't have the cash to pay for one now and I know I should make some other improvements like replacing the windows and getting some more insulation because the seller's utility bills are really high. Is there a way to pay for these repairs as part of my loan? Answer : Making energy-efficient improvements to your home can be a smart move for several reasons. Not only will you lower your utility bills, but you'll also.... Read More
  • Question : I've been renting an apartment for four years and I'm ready to buy a condominium instead. I've been saving money for a down payment and my credit's OK, but I've heard it can be even harder to get a mortgage for a condo than a house. Is an FHA loan a better option for a condo? Answer : Condo mortgages are a little different than a regular mortgage, mostly because the lender needs to review not only your financial qualifications but a.... Read More
  • Question : My rent is going up again in two months and I'm thinking about buying a condo. I went through a bad patch a year or so ago, so my credit isn't great and I still have about $4,000 in credit card debt. My parents said they would give me down payment money if I can get a loan. What are my chances? Answer : The best way to know for sure about your mortgage qualifications is to contact a lender to review your financial profile. You should go to more than o.... Read More
  • Question : Are there FHA construction loans? If so, what type of credit score is needed? Can owned land be used as an asset or down payment for approval? Answer : Yes. Find out more about FHA construction loans.
  • Question : Can you get a FHA loan if you have a judgment? Answer : The short answer is you have to pay off the judgment to get a FHA loan. Really, you should pay it off before considering home ownership anyway. That said, there are special circumstances in which the underwriter may allow the loan to go through, but don't bank on it.
  • Question : Do you have to be married to get a FHA loan? Answer : No. You have several options. Just one of you can get the loan, or one of you can co-sign with the other one, or you can wait until you are married. The important thing to consider is if you can qualify for the loan yourself, and know that the credit of everyone who is on the loan will be taken into consideration.
  • Question : How long must student loans be in deferment in order to get approval for a FHA refinance? -Keikei Answer : There is no set requirement on how long until you have to start paying on your student loans. However, they may be taken into account when calculating your income to debt ratios to see if you will qualify for a FHA loan.
  • Question : I found a home in Arizona. There is only one door into the home. My husband thinks that FHA requires two doors into a home to pass inspection. Is this true? Answer : This is not currently a FHA requirement.
  • Question : I want to buy a condo because it is becoming too difficult to pay rent. I was wondering if and how I can qualify for a FHA loan. Answer : You can pre-qualify online to get connected with a lender.
  • Question : I was left two acres of land and a house that sits on it. My family and I are planning on making our home. We are 2 years past a discharged bankruptcy, and we are wondering if we would qualify for any Answer : Being only two years removed from a bankruptcy will make it tough, but there are programs that can help. The first place to look is for an FHA 203k construction loan. This is a rehab loan program for properties you can buy and then fix up.
  • Question : I was wrongfully foreclosed, but all of my other credit and bills are in good standing. Will I be able to obtain a FHA loan? Answer : Yes, but you will have to be able to prove that the home was wrongfully foreclosed.
  • Question : Is there any type of loan that FHA has that is a no income verification or stated income verification? Do you always have to verify your income whether you are self employed or W2 employee? -Mike Answer : Unfortunately not. To qualify for any FHA loan to purchase a home, you are going to have to verify your income. If you are self employed, you have to have been self employed for at least 2 years, and be able to document your income.
  • Question : Regardless of the down payment, what percentage does the borrower have to provide? -Darlene Answer : Currently, the borrower must provide a 3% down payment. However, there are several down payment assistance programs that can help with this. Also, current FHA legislation is working to remove the down payment requirement.
  • Question : The home that I am interested in buying is still under construction. Can I qualify for an FHA loan to buy the house before it is finished being built? -Bernie Answer : You may qualify for an FHA 203k loan. Not a lot of lenders will do them, but it is a program available for people who are building a new home with a FHA loan.
  • Question : What are the negatives of getting a FHA loan when one is not a US citizen or permanent resident yet? Answer : Only US citizens and resident aliens are eligible for FHA insured loans.
  • Question : What if I do not have all my cancelled check for my 12 month rental history but have bank deposit slip from depositing rental payment in my landlord's account? Answer : This is something you will have to work out with your mortgage broker and lender. It is likely they will accept something else other than cancelled checks showing your on time rent payments.
  • Question : What must the income of the buyer be to qualify for a FHA loan? Answer : The income is not really important. What matters is the debt to income ratio of the buyer.
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