« Does HUD housing really provide Equal Housing to all people.?
Recourse for bad appraisal? »

Given the current mortgage crisis, would it be a good time to persue an FHA loan?

My husband and I have been putting off buying a home because of our credit history. Given that its considered a buyer's market, we wanted to investigate the possibility of landing an FHA loan and maybe buying a HUD home. Would it be advisable to buy now, even though our credit isn't stellar just yet, or wait until we have cleaned up our credit? Currently, we have most things paid off and will have our credit cards down to a minimum by March. Our credit meets the minimum requirements for an FHA loan as of today. And with a boost to our savings from the upcoming tax rebate, we will have at least a few grand in the bank by June. Buy now or wait?


Related Articles

Related FHA and HUD Posts

Tags: , , , , , , , , , , , , , , , , , , , , , , ,
Tags: , , , , , , , , , , , , , , , , , , , , , ,

This entry was posted on Sunday, June 28th, 2009 at 9:49 pm and is filed under FHA Requirements. 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.
Top incoming search terms for this post

One Response to “Given the current mortgage crisis, would it be a good time to persue an FHA loan?”

  1. Linds says:
    June 28, 2009 at 9:49 pm

    Yes.

    I would call a consultant have them pull your credit and they will tell you if anything needs to get cleaned up or not. Don't wait until you are in a sales contract. The worse feeling would be to reckon you can buy a home and you really don't qualify.

    Make sure you just don't get a pre-approval letter either. Make sure whoever you work with gets a full pacakge and subbmittetd into underwriting with a FINAL APPROVAL before you even pick out a house. If the broker is not willing to do that they tell them to stop wasting your time. Underwriters really perfer, and it is LESS STRESS on you because you will know 100% fact you are approved. Pre-approvals are not guaranteed "loan approvals to buy". So get all your documents in an approved in underwriter before you eneter a buy contract to ensure you are not wasting your time and money or the sellers.

    BUY BUY BUY, these rates will not get lower.

Leave a Reply

Tags: bank owned houses,  bridge loan,  buying a home,  card debt consolidation,  champion mortgage,  credit card debt,  credit card debt consolidation,  credit card debt settlement,  credit cards,  credit history,  credit score,  english news,  fha loan,  FHA Loans,  free grant money,  how to eliminate debt,  HUD,  lease agreement,  loan program,  project self,  Reverse Mortgage,  s market,  tax rebate, 

Recent Posts:

Latest FHA Mortgage Auctions
Are You a Good Candidate for a Streamline FHA Refinance?
Analyzing the FHA mortgage applicants Credit history
NAR Urges Congress, Administration to Approach Changing FHA Slowly
Florida FHA Loans, Florida FHA Mortgage, Florida FHA Lenders, 97% Financing

Related results on Given the current mortgage crisis, would it be a good time to persue an FHA loan?

  1. HAFA Provides Foreclosure Alternatives | Mortgage Rates & Trends ...

    If the borrower is broke, banks usually do not bother to pursue the debt but they retain the option to do so. Under HAFA, holders of second-lien mortgages would receive up to 3% of the unpaid loan balance, up to a maximum of $3000, ... We provide some of the lowest current mortgage rates and FHA Rates for new purchase as well as for refinancing. We offer fixed rate mortgages, adjustable rate mortgage, FHA Home Loans, FHA Refinance along with some of the best Jumbo ...

  1. The Housing Bubble Blog Bits Bucket For March 7, 2010

    ?I can say with complete certainty that given the current path of policy ? we're going to have a recession again at the beginning of 2011. He admitted federal officials will likely prevent that from happening, but said the double-dip risk remains high ..... As there are only 8183 homes (SFRs + condos) currently listed on the San Diego MLS versus something like 200000+ underwater homes whose fate hangs in the balance, I don't believe that now is a good time to buy. ...

  1. A History of the California Housing Gold Rush ? The Financial ...

    The current housing boom and bust cycle is the largest and most widespread in the state's 160 year history. As we look at historical data there is no lack of hyperbole when it comes to selling California real estate. It would seem that ... The central reason for this was to stem the issues deep in the foreclosure crisis of that time. The FHA and the FSLIC created the network to allow steadier access to mortgages in the market. Some factors that came about from this was ...