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1. You won't as long as you have no large gaps of employment during, primarily the last 2 years.
2. Yes - but they should be minor -- appraisal fee (only paid after approval) is between 395 - 450 -- home inspection and perhaps a mitigation report for an insurance discount.3. Current employment -- will not be an issue as long as there is consistant employment over the past 2 years.4. Wife's credit -- typically no, not unless she has income to contribute to the application. A few things not mentioned above -- if you are renting from a private party (not management company) you will have to show cancelled checks for 12 months. When you have little cash, a seller concession can help pay closing costs.
No one can really begin to put you in the best position to purchase via an FHA loan until you give an application for specific answers. All the best
Do not waste your time go to mortgage officer get the application done.I wish you good luck!
Dear Renter77,Although I personally originate loans only in CA, having done many, many FHA loans during my 20+ years in the business I can tell you the following:You should definitely get in touch with a local lender who is conversant in FHA loans. From the way you have described your income, I am guessing that you are essentially a self-employed person who is paid a nice hourly fee but who writes his expenses off against that income at tax time. It is for that very reason that a lender will need to look at your last two years federal tax returns to determine what your average monthly pay is. 2010 will be of great interest, so it would behoove you to get those ready to file ASAP.
As to your money outlay, the 3.5% down payment is the minimum contribution that FHA requires (although there may be local first-time homebuyer assistance available in your area, subject to income availablity). Other than that, there are other monies to pay for various recurring and non-recurring closing costs, although these can sometimes be paid by the seller or by lender rebates.On your other questions, I generally agree with Robert above.
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