Fha requirements to qualify

  • Question : Are there certain repairs that are required by the FHA? Answer :

    Yes. The FHA requires you to meet current building standards for energy efficiency. If you are rehabilitating a home than these standards include:

    • Ventilation in crawl spaces and attics.
    • There must be weather stripping on all windows and doors.
    • All outward facing walls and ceilings of the home must be insulated. The air conditioning, heating,
    • Question : Can a person use an ITIN number instead of a social security number for a FHA loan? Answer : Yes, please read more about how to pre-qualify for a FHA loan without a Social Security Number.
    • Question : Can you qualify for a larger mortgage with an FHA graduated payment mortgage than with a regular 30 year fixed rate FHA loan? -Diane Answer : No, graduated payment mortgages do not enable you to purchase a home with a larger mortgage. The purpose of a graduated payment mortgage is to help people who cannot afford a high amount of interest on their mortgage in the beginning of paying for their home. The graduated mortgage payment substantially increases in interest over time, so borrowers need to prepare to pay more.
    • Question : Do I have to live in the home I purchase? Answer : Yes. The FHA requires you to occupy the property you purchase.
    • Question : Do I have to use my husband's credit on a FHA loan if I am able to qualify without it? Answer : No, you do not have to use your husband's credit if you can qualify without it.
    • Question : How can you buy a house without a Social Security Number? -Eva Answer : Without a Social Security Number, it is probably assumed that you are an undocumented immigrant to the United States. We want you to know this is illegal, and even if you purchase a home you would still be subject to deportation laws. However, since you asked, it is not against the law for an illegal immigrant to purchase a home. Lenders do not necessarily need a SSN or lengthy credit history for immigrants. They will process your loan using an Individual Tax Identification Number, known as an ITIN. Here is another loan resource that explains the process in a little more detail.
    • Question : How do I get approved to be a FHA mortgage broker? Answer : Check this out if you are a mortgage broker and want information about becoming a FHA lender.
    • Question : How many times does a mortgage company pull your credit before closing? Answer : Usually just once to get pre-qualified. The lender may also pull your credit, but in most cases they will also only pull your credit one time.
    • Question : How much will rental history affect you from getting an FHA loan? Answer : If you have not owned a home and have only rented for the past few years, your rental history is very important. It is the best way for lenders to tell if you are going to able to routinely make monthly mortgage payments.
    • Question : I am a graduate student and my parents have agreed to cosign with me. I will be taking out student loans for living expenses so that I can make payments without their help, but to qualify for an FHA l Answer : When you apply for an FHA Loan, your information must show the underwriter that you have a stable source of income. As you are a student, you must state that fact and show evidence of your student loans. You and your co-signer must have a good credit score and you must illustrate that you will be able to make your mortgage payments on time.
    • Question : I have been in at my current commissioned job for a little over a year. I was at my previous job over 2 years, and it was also commissioned but it was in a different industry. Will I be able to use my Answer : When applying for a FHA Loan, you need to provide documentation of your past two years of employment, and you need to give the average commission income that you received over that period of time. You must also provide documentation of your tax returns over the last two years along with a recent paystub. Commissions earned less than one year will not be considered.
    • Question : I would like to purchase a home, but I have poor credit and have only been at my present job for 8 months so I will need a cosigner. Is there any way of getting around this? Answer : Probably not. With the recent crackdown on subprime mortgages, lenders will not approve poor credit/low income home buyers without a cosigner.
    • Question : I've been pre-approved by my lender. Does this mean most likely the FHA will approve on their end? -Kevin Answer : There is a difference between pre-approved and pre-qualified. You are pre-qualified if you have filled out a form on the lender's website, and at the end they tell you that you are pre-qualified. You are not pre-approved until the broker and the lender and reviewed all of your information and agree to work your loan. If in fact you were pre-approved by your broker, it is likely the FHA will approve the loan as well, though there are no guarantees.
    • Question : If I have a previous outstanding judgment, can I ask for the judgment amount be added into the loan to have it cleared? Answer : No, you cannot ask for your judgment amount to be added to the loan. The judgment amount that you have to pay off may prevent you from getting approved for your loan all together. FHA underwriters look to see that you do not have a lot of money to pay off. It is better to take care of debt before applying for a loan.
    • Question : If turned down on your first attempt at receiving an FHA loan because of income, what other sources of income or steps should I take when reapplying? -Travis Answer : This probably means your dept to income ratio is too high. Simply put, you have too much debt and not enough income. Before you reapply, you should work on either paying down some of your debt, or consider taking another job to increase your income.
    • Question : Once the underwriting approval comes the laon is funded, correct? How long does that take? -Evangeline Answer : Yes, that is correct. Your loan is funded after the underwriter approves you for a loan. The approval process from the underwriter can take anywhere from 2-5 days. After your documented information is given to the investor, the funding process can take another 2-4 days.
    • Question : The total value of our house is about $250,000. If we qualify for a FHA loan at the maximum amount of $200,160, can we look into other programs that will cover the rest of the amount? Also, we wanted Answer : Yes. You can use a variety of options to take out a loan for $50,000 to cover the remaining amount. In this case you would be co-signing the loan for your friend. Both his and your application information would be used to determine the specifics of the loan. Please check out some of our other questions and answers concerning the ability to have two FHA loans.
    • Question : What are the requirements for a FHA Mortgage Loan? Answer : Please review the FHA requirements here.
    • Question : What is the income level necessary to get an FHA Loan? Answer : In order to receive an FHA Loan, there is not a specific income requirement. You must be able to provide the information that shows you have enough income to cover the mortgage and any other obligation you must cover for the borrower. The underwriter, who either approves or rejects your request for a loan, is looking to see if you have a steady source of income that will last for an extended period of time.
    • Question : When getting approved, does the approval need to be through both FHA underwiter and the lenders underwriter? Answer : The lenders are required to have an FHA underwriter. Whether you go through and underwriter from the FHA or from the lender, they are all FHA certified. HUD requires that the lender must hire an underwriter who is FHA-registered with the FHA Underwriter Registry. It does not matter whether you go through the FHA underwriter or the lender's underwriter, because in order to review and certify mortgage documents, they all must meet the requirements of the FHA Mortgage Insurance Program.
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