I want to know if anyone know how many forms of non traditional credit do you need for a fha loan? Also, how long do they have to be in excellent standing? We will have paid off all of our collections by Feb. 08 and next month(Jan 08) all of our utilities will be paid current and our rent has been on time for past year, sometimes paid a month in advance. BTW our utilities are electric and cable. We also have a daycare fee which has been on time for the past three years. We are relocating to Charlotte and want to buy a home or condo. Our lease(9) ends 4-30-08 and will then go to a month to month lease(4).We want to go by August 2008.Our total income is ,000 and I will have two years @ current job May 08; DH has been getting SS since 2002 (waiting for a kidney and pancreas transplant). Do we even qualify for an FHA loan?
fha non traditional credit history qualifications ( kinda long)?
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The quantity of dollars in circulation is being underreported by relying upon the traditional and now outdated definitions used to calculate M1 and M2. These 'Ms' are calculated and reported by the Federal Reserve based on the following guidelines ...... The only way to pull this off, by any plausible recourse for the bank, who understands the price is at a premium, both in terms of real worth and related to mean wages, by the FHA guarenteeing the loan in case of default. ...
These conventional loans can be further subdivided into conforming and non-conforming loans. Conforming loans: These loans are controlled by definite terms and conditions like credit and income qualifications, maximum loan money, ... Under government funding, the two major types of loans are FHA and VA loans. The terms and conditions for government loans are different from other loan types. Details about the exact business needs will decide whether or not the loan can be ...
... so look for this process to be a very long and involved one. MGIC announced a set of pricing and criteria changes to be rolled out in March, most likely in response to losing market share to FHA loans and also to keep their #1 position among MI companies. ... For all markets and origination sources, MGIC will require a minimum of 3 tradelines evaluated for 12 months ? otherwise the loan must meet MGIC's nontraditional credit guidelines. For other pricing and criteria, ...
It sounds like you are in pretty excellent shape to get a FHA loan. You should be fine with the non-traditional credit, but you might want to get one credit card and pay on time between now and when you're ready to buy.
I'm a retired mortgage broker and you're the type of folks that I bent over backwards to help get into their own home.
Try to buy something where your payment will be about what you're paying in rent. If you plot to stay in the home quite a while there are some excellent low income loans with fantastic interest rates available to first time home buyer. Excellent luck I hope it works out for you.
Don