Zillow Advice: Rent vs. Buy - what do you need to do to get a FHA loan

To get an FHA loan you must ...

Thu, 11 Jun 2009 07:24:00 GMT

To get an FHA loan you must first get prequalified. You need to have the min 3.5% down as your own money or a gift from a blood relative. You must have no judgements and a min of a 620 fico. generally job history or school is accounted for. Your gross income is a factor in qualifying for the loan based on your debt. If you are married you do not need to have a spouse with poor credit on the loan but you must account for their debt.

There is a $100 down program ...

Thu, 11 Jun 2009 03:00:00 GMT

There is a $100 down program available if you buy a HUD home. While the point about putting down more than the minimum is great advice, if you buy really well on the front end (below current market rate), it provides you some buffer from getting "upside down" in the house. The most important thing is to buy what you can comfortably afford. And most lenders these days are forcing you to do just that now. No more 100% financing or 75% debt to income ratios (which never should have been done in the first place)!

Good luck!

620 Credit Score, Job, faint ...

Wed, 10 Jun 2009 19:45:00 GMT

620 Credit Score, Job, faint pulse.

Wow, they're requiring a pulse now? I'm sure Congress is already working on legislation to remove this requirement.

I hope people start looking ...

Wed, 10 Jun 2009 19:24:00 GMT

I hope people start looking to EXCEED what is NEEDED at MIN. To get a HUD loan, or CREDIT CARD payment it seems to me, that too many of us got used to looking to AIM LOW, and just make it. What if they required 3.5% but you decided that you should do 15% down. EXCEED the MIN. and THE MOST you can AFFORD is X and so you X minus 20% to add some money to LIVE ON... and what I mean by that, is I know a couple of people that work their lives away, just to pay the mortgage and now it is underwater and they still say, PRIDE OF OWNERSHIP and BUILDING EQUITY (Talk about brain washed, how do you build equity when under water?)
Exceed the MIN, and Payment per month try 25% of your take home with T&I and that way, you will be in a much better spot for a nice length of time. Of course I would not buy if in Ca. for 20 more years, if ever.

find yourself an agent and ...

Mon, 08 Jun 2009 02:52:00 GMT

find yourself an agent and get pre approved by a lender to determine the amount of house you can comfortably afford...3.5% is required for FHA loans

Do yourselfa favor, contact ...

Sat, 06 Jun 2009 05:19:00 GMT

Do yourselfa favor, contact a local loan broker and sit down... go over your finances, what you have to spend (you'll need a mim of 3.5% down payment) how much you have for closing costs, what your job income will afford you, get your credit checked... and know exactly how much you can afford and then look with a local realtor to find the best property available to your needs... don't listen to those who don't won, have never owned, have not bought in the past couple years, don't plan on buying in the next decade... or are simple player haters... find out what is best for YOU ... line up your financial consults, see your CPA and do what you can to become financially independant... Good luck!

I agree with Gregorio, the ...

Fri, 05 Jun 2009 16:07:00 GMT

I agree with Gregorio, the brochure Nanci provided is a little out of date. There is a credit score limit of 620. And Hamp has made it appear that anyone can get an FHA loan and that is not completely accurate. FHA is more conservative in this day and time. Call me and I will help you!

620 Credit Score, Job, faint ...

Fri, 05 Jun 2009 15:30:00 GMT

620 Credit Score, Job, faint pulse.

Nanci, while your brochure ...

Fri, 05 Jun 2009 05:50:00 GMT

Nanci, while your brochure offers some good information, it's dated and not accurate. It's actually a bit shocking that Realtor.org has such dated material on there regarding FHA. There have been a few changes to FHA since 2006 and a more appropriate and timely source of information might be the FHA website which can be found here.

This brochure may help you ...

Fri, 05 Jun 2009 04:21:00 GMT

This brochure may help you understand FHA a little better.
http://www.realtor.org/files/government_affairs/fha_brochure.pdf
Then you need to contact a lender that handles FHA loans. Go to 3 reputable financial lenders in order to find the best lender for you and also to compare apples to apples, so to speak.
I hope you find this helpful and good luck!
Nanci Sticksel, GRI, RRES
Opening Doors&Selling st Louis