First of all, let us define what an FHA loan is. An FHA loan is one of the best options you can opt for if you are buying a home in a rural or urban environment. If you wish to make a down payment that is lower than the usual, then this is the loan that is right for you. After all, the FHA is lenient when it comes to credit. But, there are FHA loan requirements that you must meet before you are even approved for the loan.
You have to show the lenders that you can meet the financial obligations that they question of you.
Here are some things you have to remember about FHA loan requirements.
First of all, any bankruptcy must be 2 years ancient. You also need to have excellent credit for two straight years after the bankruptcy has been filed. If there is a history of foreclosure, it must be 3 years ancient. It must also be followed by 3 years of excellent credit.
You must also have stable income for 3 years. You must also present proof that you pay all your bills on time. In addition to that, you must make a 3% down payment. This is lower than most loans.
You must also make the monthly payment that is approximately 30% of your total income. You can apply for the loan if you are able to meet these FHA loan requirements. Aside from these, there are other FHA loan requirements as well. The property you must be applying for should also be eligible. Examples are single family homes, condominiums, modular homes, double-wide manufactured homes, and 2 to 4 unit homes.
If you are wondering what the ineligible homes are, these are the boarding houses, hotels, private clubs, commercial properties and co-ops. In a nutshell, a home is considered to be ineligible if the seller has only bought the house for the past 3 months.
The property must also be over 10 acres and the loan is based on the price of the house per acre. Another requirement is that the property is used as residency and not for business.
Another type of FHA loan that has qualified the specific guidelines is the 203k loan. To clarify it further, this is the buying and then the remodeling of the home. This is also eligible for an FHA loan.
So if you are looking for houses that fall into these categories and you want to save money because of the low interest rate that you can make the most out of, then meet the FHA loan requirements that have been mentioned.
Posts Tagged ‘3 years’
If I have a ARM mortgage for 3 years at 4.5 percent that is FHA backed can I streamline to 5.25% 30 year fixed?
Friday, January 22nd, 2010I want to refi but I am not sure if I am allowed to streamline into a higher rate? I want to do this so that I can lock into a rate before my ARM adjusts when the 3 years are complete
Tags: 3 years, 5.25%, backed, FHA Mortgage, fixed, mortgage, percent, streamline, year, yearsFHA Refinance loans – Lower Interest Rates mean more Refinance education is needed
Monday, December 21st, 2009
The many challenges that homeowners are facing today is due to lender/brokers/loan officers not offering education or options and simply trying to sell them a loan. If you’ve been paying your mortgage for longer than 3 years, your interest rate would need to drop nearly 2% to realize a benefit. Educate yourself before just trusting an advertisement you see on TV or radio telling you that you need to pay a lender to lower your interest rate. Our mission is to educate and empower home owners …
FHA 3rd borrower requirements?
Saturday, October 24th, 2009Ok, so we were denied an FHA for 190k!!! my husband is 1099, so they took the net income and of course was not enough to finance us. My income helped our monthly yucky, BUT i’ve only been at my job for 2 months after 3 years off. Now the banks are saying we can have a 3rd non occupied borrower who has 2 years work history and decent credit and income. All this for 190k. Will it be worth it to have 3 borrowers on such a small amount…and its never black and white like they say..what are the gray areas to involving a 3rd borrower like my mom who just did a loan mod of 330k on her house?
Tags: 3 years, bank failures, banks, borrowers, drinkwater, ear to the ground, electronic arts, FHA, FHA Home Mortgage, fha loan, FHA Mortgage, FHA Requirements, gray areas, job, mom, mortgage purchase, net income, personal loans, properties in penang, reverse mortgages, tarp, tenant loans, troubled banks, u s bank, work history, yooPossible to buy a house if I had a foreclosure a few years ago?
Friday, September 25th, 2009I had a foreclosure in January 2007 and I want to buy another house. They have told me that FHA loans require 3 years from that date, so 01/2010 but I’m wandering if its possible to get it before then. I can place down 10-20% down payment and have a excellent employment history.
Tags: 3 years, democratic fundraiser, employment history, FHA Foreclosure, fha home loans, FHA Loans, fha streamline refinance program, foreclosure, foreclosure data, foreclosure homes, how to avoid foreclosure, how to stop foreclosure, hr employees, loan market, mortgage corp, mortgage rates, original mortgage, right job, security clearance status, software testing, taylor bean, temporary agencies, writing a resumeSearch :
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