First time homebuyers, KS, good credit, FHA loan approved, questions?

OK, my husband and I are looking for a house–we've done the budget, we know what we can afford that will allow us a bit of wiggle room (i.e. not every dollar goes into our house payment), we've gotten pre-approved for a FHA loan, and now we've got some problems.

1) Apparently March 31st marks the end of ALL 100% financing options for us (none of the "loan buyers" will buy a 100% loan). Will this affect being able to do the piggyback thing with the 80/20 type loan? Can you even do an 80/20 loan that's an FHA loan?

2) We seem to be unable to find a house that doesn't need some pretty serious repairs in our price range–knowing that it won't pass an FHA inspection, what other options do we have? Will we have to re-apply to get a conventional loan? I'm told that running credit too many times hurts your score, I don't want them to run it again just to qualify me for a conventional loan at the same institution.

What are our options?

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Tags: balanced budget, blog archive, boston real estate, budget, budgetpakistan, conventional loan, economic news, Fannie Mae, fannie mae and freddie mac, FHA Credit, fha loan, financing options, Freddie Mac, loan modification, march 31st, mortgage rates, paying on time, projo, reformers, score, tbw, time credit, wiggle room

This entry was posted on Thursday, June 25th, 2009 at 5:22 pm and is filed under FHA Credit. 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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we were prequalified for a loan does that mean we will be approved for loan can we get turned down,

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