Does anyone know a mortgage company or broker that goes by FHA rules?

Posted on Aug 21, 2012 in FHA Information

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Question by QandA: Is there an income limit on 203k renovation mortgage loans?
I know theres limits on a regular FHA mortgage, cure was curious if the same standards apply.

Best answer:

Answer by glenn
There is not an upper limit on income for an FHA 203 K or a more common FHA 203b. These are not subsidized loans. You do have to make enough money to qualify for the payments.

a 203 K is to help with renovation. You have to come up with solid bills (not simply rough estimates) for the repairs and sometimes these can be pretty much impossible to come up with. But if the house works out and the lender knows what they are doing and the seller is willing to have patience and you as a buyer understand how this works- it can be done.

What do you think? Answer below!
Question by Phillissa: Does anyone know a mortgage company or broker that goes by FHA rules?
I’m trying to get a mortgage loan but having a bit of trouble because I am paid commission. I’ve now have two years of commission on tax returns, treat but one year and a half was with one company and the other 7 months were with a different company in a different field. I called FHA and they said I would qualify for an FHA loan under there guidelines and that I don’t have to hold a certain position for a certain amount of time as long as I have two years commission on taxes. They even sent me an email with the rules on that to confirm. Some mortgage companies agree and some don’t even though they claim to do things the same. I found two companies that does things FHAs way but they are so busy they are taking a long time to get me a pre-approval. Is there anyone that is fast and on top of things that is okay with our situation? I’m in Austin, view TX.
I wouldn’t mind going convential either if need be.

Best answer:

Answer by godged
The FHA is a guarantee, they are not the lender. You are going to have to comply with the rules of the specific lenders and wait it out.

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  1. FHA does not loan money. They do issue mortgage insurance that a mortgage company can use to protect them in case you foreclose. It is up to the lender if they want to be more strict than FHA minimum guidelines. There are a lot of mortgage companies that say one thing and yet do another. I would not pick a mortgage company without a local broker that has been recommended to me by people I trust. Do not use any of the big banks.

    A lot of the same issues also apply on conventional loans also- but if you can put 20% down the fees will be much lower and far fewer complications because the investor will not feel the need for mortgage insurance by FHA or anyone else.

  2. Hi you should contact this company they offer FHA mortgages I am sure they will be able to help you, this is their main criteria
    2-year history of your residences
    Date of Birth and Social Security numbers for all applicants
    2-year history from employers
    Copies of pay-stubs covering at least a month
    Approximate value of all personal property
    Copies of W2’s or 1099’s for the past 2 years
    Complete personal tax returns for the last 2 years
    12-month rental history from landlord (Only for first time homebuyers)
    If you meet these conditions I am sure they can help you finance your home.

    Hope I could be of some help 😀

  3. I liked it. Great read about government loans.

  4. You hit the nail on the head my friend! Some people just don't get it.