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?

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

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.

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