FHA/HUD mortgage loans…Easier than regular mortgage brokers or not?
I was told by a guy at one of the FHA loan places that I would probably be approved for a loan even though everyone else has given me excuses not to approve me. My credit is less than perfect but I have made effort to pay off ancient debts.
Does anyone here reckon he’s telling the truth? Is it possible that this is my only and last chance to get a home loan before my credit score climbs 100 points? If it ever does. I keep getting credit pulled trying to get approved. HELP!!
Thanks alread Golferwho…..I need to know a lot. I don’t know much of anything about this biz.
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Talk to your Realtor about this. He should know a mortgage company that can help you. As golfer said, not all companies are FHA approved, and so they don’t have that option for you. FHA is a bit simpler on your credit score as well as medical bills. Do get pre-approved prior to shopping for homes. You don’t want to be paying for inspections or appraisals, only to find out you don’t qualify for that much house…
FHA is also more lenient as to where your down payment and closing expense money comes from. You can have the seller pay part of your costs. FHA does want for you to have a minimum of 3% invested in the house. This comes out to 2.25% minimum down payment and 0.75% towards closing expenses. Even this 3% could come from relatives or non-profits or government grant programs. A knowledgeable loan officer (versed in FHA) can help you with that.
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