I already have an FHA loan for my first property. Will my next property have to be a conventional loan? I am using my first property as rental property and hope to live in the second home.
My first loan (FHA) was “sold” immediately by the builder’s lender (new home) to the Wells Fargo bank so is it conventional (another question)!
Posts Tagged ‘conventional loan’
Can I get an FHA loan for a second home or is it only for first time buyers?
Saturday, March 13th, 2010Can income from renting out rooms help you qualify for a larger FHA mortgage?
Monday, March 1st, 2010Here’s my situation: I am looking at a few 3 bedroom homes for buy. I would be looking to go the FHA route since I am a first time home buyer. I calculated out what the mortgage payment per month would be (including principal, interest, taxes, insurance, HOA, and PMI) with a 3% down payment, even though I would probably wind up doing higher than 3%. The payment per month came out to be around $2400. Here’s the thing, based on my income, that would not qualify me for a mortgage. I can afford $1200 per month, based on the 25% rule. My plot is to rent out the other 2 rooms to my 2 best friends for $600 a month each. My question is, if I have my 2 friends sign a lease ahead of time which says I would be receiving $1200 a month from them, and I take that to my mortgage broker, will that help me qualify for a loan? Or will lenders only lend on mortgages in which you can afford the entire thing regardless of any potential rental income? Is there a difference between FHA loans and conventional loans in this regard? Any help would be greatly appreciated. Thanks.
Ok, so it’s a no go with an FHA loan according to the first answer below, what about with a conventional loan? Credit score is excellent, so I guess there isn’t any real reason to go with FHA other than I’ve heard it lowers some premiums for first time buyers. Also, can I still do a 3.5% down payment with a conventional loan?
FHA home loan on a house that needs work.?
Tuesday, January 26th, 2010My husband and I are trying to get approved through an FHA loan on a house that needs some work. In example, it needs a new hot water tank, and some other “cosmetic” work. Now, I have heard that the house has to be in very excellent condition for the loan to be approved thorough FHA, is this right? Also, with an FHA loan, can you borrow more money to make repairs?
The loan will be soley in my husbands name because he has the “better” credit. By no means does “better” mean excellent. He has OK credit, with a score of 529. So, with that, the down payment on a conventional loan is 20% and that is not an option.
conventional mortgage versus fha mortgage?
Wednesday, January 13th, 2010Our lender gave us the option of either picking a fha or conventional loan for our house. The monthly payments are the same on both loans but the rate on the conventional loan is 5.5 and on the fha its 5.125. Can’t choose which one would be better? We are putting 15% down.
Tags: conventional, conventional loan, FHA, FHA Mortgage, loans, mortgage, versusIs an FHA refinance good when i have a really good credit but the value of the house is low?
Thursday, December 24th, 2009I have a 276k loan with 6.75 apr, conventional loan.
I went to bofa to try to refinance. They said i can do it only with an fha loan at 5.25
Savings per month are 260$, The house can be apraised for 300k
I know with fha loans u pay the full amount of pmi.
Is it excellent or no?
Thank u
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