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FHA questions

Couple of FHA questions.   I have a 30 day late on a CC.  Two bureaus show Jan. 09.  One shows Feb 09.  For the "12 month clean" UW guideline, when could we close?  Also, the FHA loan limit for our county is 406,250.  With 3.5% down, what is our max offer?  Do I need to include the upfront MIP in the "loan amount" used to calculate the loan limit?  (I guess that's really my question . . .) 
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November 14 2009 - Arvada
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Feb date will be used for the 12 month window. The loan limit is base loan amt so use $420,975 as the highest offer.
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November 14 2009
FHA does allow for minor lates as long as you qualify otherwise (ie credit scores, overall credit, etc...)

On loan limits, the Upfront MIP is not included in the max loan amount.
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November 14 2009
Click on the top lender to your right and request a GFE from him>>>>>>
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November 14 2009
You loan can go up to the limit amount.  Your offer can be 3.5% higher than the limit.
Your closing date should be anytime after 2/1/10. 

Wizard in Finance, Goddess of Real Estate Lynne Wright [deleted phone number, no self promotion please]
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November 14 2009
Duce, do what Clay says, contact Nic Netherton he is an FHA wiz with a great rep.

How does one become Goddess of Real Estate?  Is this a birthright or is there a certification requirement? Not sure it can be based on making sense...
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November 14 2009
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Thanks everyone.  Very helpful.  We still have to sell our current home, so it may be a while before we can think about closing on a new one, but we are setting things in motion.  I will probably contact Nic, as per your suggestions.  Thanks again.
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November 14 2009

Find someone who has done 1000+ FHA loans and you'll be ok.

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November 14 2009
Paul,

I believe the pecking order is:

Goddess of drool
Goddess of toilet training
Goddess of spam
Goddess of Real Estate
 
 
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November 14 2009

Only four levels to go to reach drool. whoo hoo!

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November 14 2009
 
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