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How do I get FHA assistance to buy a home

The home I want to purchase is $80,000, does my credit have to be good to qualify for FHA assistance ? Does FHA pay the part of your house payment that my income couldn't pay, and then I pay what they say I am able to pay based on my income?
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July 28 2012 - Cleveland
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Answers (4)

Profile picture for Dunes ..
You can learn a lot here about all the available Fed Gov loans if you give it a look



Provided by the Federal Gov..Fed Gov. Web Site

"Find the Right Loan, you can search for specific information, compare options, or take a short questionnaire to determine your eligibility for each program". GovLoan.com
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August 02 2012
FHA loans are one of the easiest loans to take advantage of.  Its generally a low down payment with 3.5% down and a minimum credit score of 640.  You can probably talk with just about any lender.  I have a few that I can recommend.  Contact me and I will pass them along to you.
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August 02 2012
The very best advice I can give you is to meet with at least two mortgage brokers who can explain the process to you and pre-approve you for whatever program suits you the best.  Good luck!
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July 28 2012
Profile picture for wetdawgs
Are you referring to an FHA loan?    It is easiest to get an FHA loan if FICO middle scores are >640, some lenders will go a little bit lower.   The down payment required is 3.5% plus closing costs.  It is prudent to also have saved up an emergency fund for home maintenance (several percent of house cost is recommended).

FHA does not pay part of your house payment.   One is not approved for a loan if their income is not sufficient to pay for the loan.    In rare cases one can use section 8 vouchers related to home purchase.  You'd need to investigate this more carefully for your area.

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July 28 2012
 
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