I am a first time Home buyer, and my Loan Officer is confusing me about an 80/20 and an FHA Loan. To anyone familiar with these terms, can somebody clarify it to me what these two types of Loans are? And which would be advantagous on my part. Thank you.
Tags: 80/20, between, buyer, confused., difference, fha home loan, fha loan, first, first time home, first time home buyer, home, loan, loan officer, loans, time, time home buyerPosts Tagged ‘time home buyer’
First time Home Buyer and confused. What is the Difference between an 80/20 and an FHA Loan?
Wednesday, March 17th, 2010Can I get a FHA loan as a first time home buyer while on unemployment?
Thursday, March 11th, 2010I am currently in the process of house hunting and have been pre qualified for a FHA Loan. I am a first time home buyer with excellent credit and a excellent job. But, I just found out that I will be laid off in two weeks. Can I still get a loan on unemployment? Would having a cosigner help?
Tags: buyer, fha home loan, fha loan, first, first time home, first time home buyer, good job, home, hunting, loan, time, time home buyer, unemploymentWhere would I find informatio on FHA mortgages and if there is anything new to offer single parents?
Wednesday, March 10th, 2010I would be considered first time home buyer. Need to try to get a home. Tired of renting forever! Does anyone know of any new mortgage deals from the govt?
Tags: anything, buyer need, FHA Mortgage, Find, first time home, first time home buyer, informatio, mortgage deals, mortgages, new mortgage, offer, parents, single, there, time home buyer, wouldCan 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?
Wisconsin Illinois Mortgage Banker
Monday, February 22nd, 2010
Your local Wisconsin and Illinois mortgage banker (www.madisonmortgageguys.com) offers first time home buyer, fha, fha refinance, fha 203k, va, va refinance, interest only, conforming, refinance, cash out, jumbo, no money down, reverse mortgages, interest only and usda rural housing loans. Visit us online at www.madisonmortgageguys.com Toll Free: 877-240-5810 Serving the entire states of Wisconsin and Illinois including Chicago, Schaumburg, Carol Stream, Wheaton, Elmhurst, Milwaukee, Waukesha, Green Bay, Madison, Appleton FHA loans and Sun Prairie.
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