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I was just wondering if anyone has gone through the FHA laon process. What requirements you had to have and how your experience was with the whole process? Also what are some of the guidlines for the kind of homes the will lend on? All information is welcome

2 Thoughts on FHA loans and requirements?
  1. Reply
    February 1, 2014 at 10:35 am

    Each loan experience is different for each applicant as there are different obstacles to overcome and credit scores differ. Even if you have the same credit score, your paying habits in the past might cause you to get a different loan program

    FHA mortgage loans are not as stringent as those of a conventional mortgage loan. In some instance items found on your credit report might simply require a letter of explanation as with a conventional lender it might be a deal breaker.

    There are FHA guidelines on the internet that is available as well as pamphlets at your local government or FHA loan office.

    The secret to obtaining a mortgage loan is to ask as many questions about the program you are qualified and approved for even though you will not want to use them.

    Did I say ask questions about all the mortgage loans you are qualified for and have the loan officer explain each and everyone to you. Ask questions, Ask questions.

    There are many things you should do, the first thing you should do is contact a mortgage broker that does VA and FHA mortgage loans and get pre-approved. This is the first step. Once you have your pre-approval then contact a real estate agent to look at house based on what you are qualified to buy.

    You will need proof of income so have available pay stubs, w-2, bank statements and other items your mortgage broker will require.

    He will inform you of what is necessary once you contact him.

    This pre-approval will tell you the amount of house you are qualified to purchase as well as the interest rate, monthly mortgage payments and other necessary things you need to know about your mortgage.

    If you fail to purchase a house prior to the pre-approval letter expire you may reapply and be reissued another.

    I hope this has been of some benefit to you, good luck.

    “FIGHT ON”

  2. Reply
    February 1, 2014 at 10:50 am

    FHA has been the most popular type of loan in the last few years. It allows a low down payment and allows the seller to agree to pay most or all of the buyer’s closing costs.

    It does require the house to meet minimum standards- these are pretty easy most of the time- but if a house has no kitchen or no heat or a real bad roof or such then you would have a problem.

    Your experience will depend in large part on the experience of the loan officer that is helping you.

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