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Answers (6)
- Tiffany Lewis, "Tiffany Lewis"
- Contributions:68
You can still quallify for an FHA loan with a 52% income ratio.....
- homebuilder25
- Contributions:9
The thing that might not allow me to get an FHA loan is my debt ratio was at about 52% which some lenders say I still can get it but others have me borderline, so i'm still trying to figure it out. I rolled my student loans into a payment of $700 a month now so thats whats giving me issues with some.
- Liberty Mortgage
- Contributions:470
We can definitely take you FHA but I would not suggest that so long as you could put down at least 5%- (Fees are higher with FHA.) With your score, you still qualify for a Fannie Loan even though there would be a higher rate and or higher broker fee due to score being below a 740. I do not think that will be a real issue as the seller can pay almost all your closing costs and typically do in this buyer's market.
- Jerry Tyler, "The arrangers"
- Contributions:1
We would be happy to help you with a FHA quote, rates are good.
Would need some more information to enable us to give you a good quote
also depending where you are located, we have some very good USDA
rates and higher loan to value if desired.
If you would like please go on our site and give us some information and we will get some figures together for you. the site is,
www.clickformyloan.com
Thanks
Jerry
Would need some more information to enable us to give you a good quote
also depending where you are located, we have some very good USDA
rates and higher loan to value if desired.
If you would like please go on our site and give us some information and we will get some figures together for you. the site is,
www.clickformyloan.com
Thanks
Jerry
- Tiffany Lewis, "Tiffany Lewis"
- Contributions:68
Hi there!
Would you be borrowing less than 80% of the value of your home? If you need more than 80% then FHA is the way to go. FHA is a good loan for the long term because it allows for streamline refinancing whenever rates drop, but it also requires that you escrow your taxes and insurance and it will have pmi insurance. Fixed Conventional rates and FIxed FHA rates are about the same. It would depend on your specific situation and plans for the future to advise which one would be best.
Good luck!
Would you be borrowing less than 80% of the value of your home? If you need more than 80% then FHA is the way to go. FHA is a good loan for the long term because it allows for streamline refinancing whenever rates drop, but it also requires that you escrow your taxes and insurance and it will have pmi insurance. Fixed Conventional rates and FIxed FHA rates are about the same. It would depend on your specific situation and plans for the future to advise which one would be best.
Good luck!
- Anna Montgomery, "Anna Montgomery"
- Contributions:160
Any FHA lenders on here that deal in Southeast Michigan?
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