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How do you get FHA loans and who can qualify? . Low/Middle class income or anybody.

How do you get FHA loans and who can qualify? .  Low/Middle class income or anybody.     
  • July 10 2010 - Kaneoho
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Answers (8)

Just wanted to add to Julie's comment about needed a 620 fico.. their are lenders still offering FHA to borrowers with a 580 fico. The risk is higher so rates are too. But there is an option for these borrowers too.

  • July 18 2010
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Julie - Im sure if the OP wanted to contact you they would click on your profile and do so. The boards are NOT a place for spam or self promotion.
  • July 18 2010
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Profile picture for Chris Corica
Just to add to Roxy "FHA has No income limits or limitations... anyone can apply"..... anyone can appply BUT you still must qualify witin the acceptable debt ratio limits. Like any other loan, you will need sufficient income to qualify based on your present liabilities and new mortgage payment.
  • July 18 2010
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Hi -- anyone who qualifies can obtain an FHA loan. Your credit must be at least 620, no incomes limits and only 3.5% down -- it's the most popular loan out there right now. Julie Montgomery, RE/MAX Masters, Inc. [contact info removed by moderator]
  • July 18 2010
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.
  • July 18 2010
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FHA has No income limits or limitations... anyone can apply. Good credit 620 fico's and above. Good work history 2 years. Best part on a purchase only 3.5% down payment required. Seller credits are allow to help with closing costs. Great program for all! Great for first timers to get into a home. Here in Hawaii- Honolulu county up to 793,700 on a high balance FHA.. so with rates at 4.875% FHA get out there and find a home....
  • July 10 2010
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FHA loans are available to those with various income levels. Also, there are downpayment assistance options available through the City or State as well.
  • July 10 2010
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FHA does not reverse discriminate on income.
  • July 10 2010
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