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Search: "Fha loan"

 
 

Asked 08/14/2009 09:03 am CT (St. Paul, MN)

i am in the process of buying a house. My husband owns a house and the loan is under him only, I am not on the loan but I am on the title. Will I still qualify for an FHA loan?

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Maybe- If the loan is not an high loan to value FHA and you qualify for both payments, you might be...

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Asked 08/11/2009 12:24 pm CT (Camden, NJ)

can you let me know what is the requirement for fha loan and what is the benefit of one

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Asked 07/24/2009 07:36 am CT (Bayonne, NJ)

Hi, my name is Pete. I have a few questions. I am looking to purchase a condo in Manchester for $80K. I am inquiring as to your rates for a 30 year mortgage and as to if a 10% down payment is an option. Also, my credit is awful and I would need a cosigner, I’m 100% confident that my cosigner would be approved. With that assumption, would I still be eligible for an FHA loan?

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Asked 06/03/2009 05:10 pm CT (New Bedford, MA)

my wife purchased a home through a nonconventional loan prior to our marrige in 2007 basically the hight of the market, mortgage and deed both in her name only. Due to the economy we have gotten behind a bit on the mortgage which has caused her some credit issues, my credit is still good. We wanted to refiance but were told my name had to be listed on the deed before they could do this for us. We filed the paper work to list me 45 days ago and have just found out today they will not refinance with us because we have lost so much equity in the house, upside down almost 50,000. Being this far behind we are almost ready to just let it go or possibly try a short sale and start over again with something much smaller and more affordable. will i no longer qualify for an FHA loan in my name now because of the deed status, and also if this is the case is there a way to reverse it, kinda like a nullification period where it has only been 45 days since the addition of my name? any answer or advice is greatly appreciated, thank you

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Now that you are on title, you could potentially refinance under new programs that just came out whi...

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Asked 03/13/2009 08:29 am CT (Waldorf, MD)

Krista, How familiar are you with New American Funding? I am currently working with Lloyd Kerr at New American Funding on a possible Loan modification via a FHA loan and would like your feedback. Thanks!

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I am not sure if this was meant for me, but I am not familiar with New American Funding. Our compan...

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Asked 02/28/2009 01:54 pm CT (ogden, UT)

I am married due to religous reasons I will stay married but I would like to buy my own home. I have been removed from my husbands mortgage. I have excellent credit have been approved for 150000.00 loan but due to the marriage lenders wont give me a fha loan what can be done?

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Traci - you're going to want an FHA loan. Did they give you reasons why you can't be approved for a...

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Asked 12/08/2008 12:29 am CT (Philadelphia, PA)

i have an 80/20 loan, which I had since i got my home. do i need to refinance both loans for an FHA loan

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The answer is no. Using a cash-out FHA loan, FHA will allow you to subordinate the 2nd mortgage to ...

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Asked 12/04/2008 10:57 am CT (Newark, NJ)

i am approved for a mortgage in california and i am buying the townhome i live in 4 months out of every year. i need to get the fha loan, so that i can get 3% down; this can be done by having a co signer.does the co signer have to be a family member, or can the person that i live with their co sign???? thanks

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Asked 10/29/2008 10:56 pm CT (New Orleans, LA)

Hi! I am new to the whole mortage game.. My Husband And I are trying to purchase our first home. We are very low income, however we have the ability to put down at least $20,000. He has had steady employment history for the past 2 years but he has ABSOLUTELY No credit history. I have gathered four sources of alternative payment history for a 12mo. period with no late fees (entergy bill, car insurance, phone, and a hospital insurance policy on our oldest son) I was employed with the same company for over two years but have been unemployed since I left the clinic I worked in to stay at home with our premature newborn..whom is now 8 mo.'s old. I have credit, however it is very low at this time due to the last statement mentioned. I am in the process of paying all my debts off. My mid score is 520 at the time :( We applied for an FHA Loan and an Urban Development but we where turned down due to my husbands change in employment (although it was for the better monetary wise) and for no savings are proof of alternative payment. My Husbands monthly income is $1920.00. Our only monthly bill is 250 for car insurance and 263.15 for 7 more months for our eldest sons tuition. The home we are trying to purchase is $129,900.00 with seller to pay $4,000.00 in closing costs. ANY advice etc. would be greatly appreciated.

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Lauren, it is possible to to be approved for a loan if you have no credit. The situation has to be t...

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Asked 04/17/2008 07:50 am CT (NY, NY)

Currently, I am renting an apartment. However, I would like to move in the next 5 months. My credit score is 566 and I need a credit score of 560 to qualify for an FHA loan. Since I pulled my credit score, I paid off one credit (which was in collections) and requested some updates to be made by the bureaus. How long will it take to increase my score by 4 points?

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FHA does not impose any min credit score requirement. However, each lender may impose their own min ...

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Asked 04/14/2008 09:24 am CT (Concord, NC)

My husband and I recently tried to refinance, after having a bad experience with another mortgage company who promised to help us with a refinance after we accepted an 8.5% arm to help clean up our credit. After the six months, we returned to the mortgage company to start the refinance process which was to be free of charge the second time around. (this was a big joke) The company would never return our calls to start the new refinance. I went online and got a copy of our credit reports and my husbanand I had a score of 650-700 depending on the reporting agency. This was a great improvement from where we were when we did the original refinance 6 months prior. We did some research online and decided to try for a FHA loan. Everything seemed to be running on course. We had an appraisel done and the house came in way above it's value. The company that we were working with told us that they would not order the appraisel, if they were not confident that they could get the loan approved. I am self-employed and my husband works for a company. They had no problems sending out loan paperwork with a 7% interest rate and PMI. We refused the loan and explained that we were not desperate to refinance. They came back and with new loan documents with a 6.7% interest rate and a one time PMI fee, but had tacked on various other points that made the closng cost $10,000. They have since contacted us and told us that they cannot do the loan because my husbands credit score is too low and his dept ratio is too high. I understand this but I think they should have made this decision before we paid for the $350 appraisel. Since I have had a profit loss in my business, they could not consider my credit score or income. Are there any loans that I can look into as a self-employed person.

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It's a typical scenaro for self-employed individuals to have difficulty documenting their income. Th...

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Asked 04/14/2008 01:43 am CT (knoxville, TN)

My wife and I are applying for a home loan and have been turned down once already for a conv. loand and a fha loan through the same lender...We are now trying to go with a progam at the bank where she works. We meet all the requirements so far but they want to see a profit loss statement since im self employed. Is this normal? Will this statement determine if we get approved or not?

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Asked 03/27/2008 11:12 am CT (Pensacola, FL)

I'm divorced but I have been living with my ex in our house for over a year trying to sell it. She wants to refi the house in her name but the appraisal came back less than what we owe. At the time re did the refi the house was valued at $240K we currently owe $192K and the appraisal came back at $185K. Because of the divorce neither of have the money to put down for the down payment. I want my name off the house so I can purchase my own home. My ex wants the house and has already been approved for an FHA loan but the appraisal is too low. Does anyone have any idea how we can work this out. I need my name off this mortgage.

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Asked 02/12/2008 09:27 am CT (sewell, NJ)

My husband and I would like to purchase a house. I have a recent bankrupcy so he will have to do the mortage by himself. His credit scores are not great 556,562,570 . Would a mortage of about 170K be possible with these numbers? we are looking into a FHA loan or similar with a very low down payment

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Asked 01/31/2008 07:16 pm CT (summerville, SC)

I am a 23 year old that makes about 32,000 a year. My wife doesn't make anything but recives 8,000 a year in child support. We both have very bad cridet. I have a score of 512. I have two kids and one more on the way. We rent a 2 apartment. We really want to but a cheap house or mobile home for some more room. We have about 2,000 to put down on place. I think the only way to get a loan is a FHA loan. But everyone I appiled to hasn't returned my calls or emails. Should I just give up or keep going. Where do I go? I really need to do this quick. Like within the next 30 to 60 days.

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Asked 01/27/2008 04:48 pm CT (The Woodlands, TX)

After a nasty divorce in early 2006 and a huge dispute with a loan, that has yet to be resolved, my credit rating is at an all-time low of 518. The dispute with the loan will be resolved and removed from my credit in September 2008. In the meantime, my husband (who has a FICO of 670, because he has new credit - no true negatives) and I have been building a house in Texas that will be ready in late February of this year. We have around 5% to put down (11-12k) on a loan house purchase price of $259,000. Our income combined is $112,000 per year. We both make exactly $45,000 per year, plus his military pension of $12,000 and an additional $10,0000 in yearly income (yearly gift from my parents). We were originally told we could get an FHA loan, even with my credit, and we believed it. Unfortunately, I was naive enough to not check deeply into the FHA loans and the person arranging the loan was from New Jersey and didn't find out that the FHA loan limit in TX was $201,000. Not having $58k for a down payment, this was not an option. Now, with a brand new house looming ready in four weeks, we are desperate. Is there any way we can get a loan for this house with my 518 credit score, his 670, our low down payment and our income???

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Dear Ready to Buy Your Home, I'm was sorry to hear about your experience withthe FHA. I am in D...

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Asked 06/05/2007 09:45 pm CT (wimberley, TX)

I am currently working with a mortgage broker who is trying to get my husband and I an FHA loan. I, however, have not worked for the same company for the last two years. She seems to think this is a big problem. Will this prevent me from getting a loan?

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Hi Lisa: This is a much easier question to answer with me knowing all the facts. There are 27 diffe...

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Asked 03/26/2007 08:16 am CT (Kirkwood, MO)

I am trying to buy a house with my fiance', but she doesn't have much income right now in college. Her credit score is high 700s and mine is 640ish. I make in the high 40s per year. We want to buy a house in the 190,000 range so we are using her grandparents as cosigners. It will be just me and them on the loan, not her. They make great money and have credit scores in the 800s. My current loan guy is a relative and i think he might be screwing us. He seems to think that a 3% FHA loan is my only option. He says we can't do an ARM, interest only, 80/20 or anything else. i want to spend as little as possible out of pocket. The ONLY way we've been able to put a contract in is by having the seller's front our closing costs and the 3% down. No one has really been keen on the idea of the 3%, but they all agreed to the closing costs. We don't want to drain our savings to get this house and then be strapped when an emergency comes up. Do you know of any other options. I'm also in the Army if that helps.

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Bryan, you are wise to consider being House Rich and Cash Poor. It sounds like other programs (like...

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Asked 05/18/2006 08:45 pm CT (Weslaco, TX)

My wife earns $3658.33 (gross). She ahs a very stable job. her total debt to income ratio is over 60%. Her housing ratio is over 40%. Her mid score is around 720. she has sufficient reserves and assets. She wants to secure an FHA loan with $0 down. Will FHA approve a 30 year loan with these conditions? A 15 year?

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In the debt to income ratio, did you include your utilities? You should only include debts that are ...

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