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FHA loan qualification?

My husband and I have found a perfect starter townhomes( fha approved) the lender we talk with pulled our credit and told us that we would be able to qualify for an fha loan even though we have unpaid collections since they are over a year ancient as long as I pay the judgement off( 0 hospital )The townhouse is 0,000( hoa fees are 0 per month) and our monthly yucky is 2500-3000. My questions are:1) has anyone recieved a loan in this situation? 2) What will my down payment be? 3) Do I have to have my down payment ready when I apply or can I have it by the time we close?
also what is the underwriting process

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This entry was posted on Thursday, June 11th, 2009 at 12:30 pm and is filed under FHA Loan Qualifications. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.
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    One Response to “FHA loan qualification?”

    1. Mildred S says:
      June 11, 2009 at 12:30 pm

      i would question the loan officer the downpayment questions. you may want to place the min money down that you can because you can earn interest on your money elsewhere. if you are not excellent with investing , then you might want to place the max downpayment into the house and have a really low mortgage payment. i believe fha loans are usually three percent down ? there are a lot of new programs, so best to question your loan officer. sometimes the amount you place down is based on your credit. if your credit has a few blemishes they may require a bit more money down than if your credit was perfect. for other loans if you place more than 25 percent downpayment, there are no loan docs, verification of income/credit etc. it's enough security to balance the loan. houses are simple enough to foreclose on since they don't go or depreciate like cars. getting a home loan is simpler than car loan. please speak to your loan officer. when you pay the judgement off, you may want to approach the hospital and question if they would take 300 to settle it in full today . they might agree. don't tell them you are buying a house / have more money lol. excellent luck to you both.

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    Tags: collections,  fha loan,  hoa,  judgement,  townhouse, 

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