Does having a child (a dependent) give you any help in getting a FHA loan? Or more $ in it?

Posted on Aug 1, 2012 in FHA Information

Question by : Are FHA Private Mortgage Insurance Monthly Premiums tax deductible if you bought a home in 2011?
I saw that homes purchased between 2007 and 2010 that were financed with FHA loans allow for the FHA Monthly mortgage insurance premiums to be tax deductible if you itemize. Does this include any homes purchased in 2011?

Best answer:

Answer by Landlord
No PMI is not deductable

Give your answer to this question below!

stated income mortgage loan
by eyewashdesign: A. Golden

Income Mortgage Stated – Get a Loan Without Proof of Income

There is an income mortgage stated program that is a type of mortgage loan program where it is actually part of the “no-doc” and the “low doc” loans. This means that there isn’t normally any documentation required for the loan to be approved. This makes the loan very popular among many people as they do not have to first run around and find documentation to prove their income and other information.

When you go for a conventional mortgage you will pay back less interest, prostate but it might be more difficult for you because you will have to provide the following;

Last three paychecks
Return tax forms for the last two years
A list of all creditors
Two month bank statement
Certain legal documents

In some cases these will not even be all of the documents you need. Some places could be more strict than others when it comes to who they loan money to, malady but this is the best way because you will not have such a high interest to pay back.

It should be very reasonable.

With the income mortgage stated you will not need all of that information just to get the loan. If you have a stable job but you cannot prove that you have a stable income you will choose this type of loan. However, you should at least have a good credit history when you want to apply for a loan like this one. All you would need to do besides have good credit is be able to state your income for the past two years or longer.

Remember that with this loan you will probably pay back a lot as the interest will be higher. So it is great for the time when you need the money, but when reality hits months later that you need X amount to start your repayments, many people find themselves in situations where they cannot cope.

just make sure that you understand the terms under which the loan is taken and that you will be able to pay it back, no matter what the interest rate may be.

More informaiton please visit here…

www.CashMoneyQuick.com Stated Income Loans – FREE Ebook helps you Find MILLIONS in Private Money FAST for Real Estate Investing! Bad Credit? No Problem! No more having to qualify!

If you would like to see more homes click here…

Question by : Does having a child (a dependent) give you any help in getting a FHA loan? Or more $ in it?
I am looking online at mortgage loan calculators and “what you can afford” calculators. One asked more details questions: What state and county am I in, visit this and how many children do I have. Does having a child give us a better chance of getting a higher amount in our loan? I have a baby on the way, so I am just interested in how it works. Any help is appreciated thanks!
Edit: When I told the calculator that I did have one dependent, it gave me almost 10k more. Not less.

Best answer:

Answer by Janet P
It shoud not really effect it, but it lowers the amount of spendable income you have every month, children do not increase it.

What do you think? Answer below!

5avg.rating 25 votes.

6 Comments

  1. Why do people think having children gives them MORE? Obviously, children COST you money, so the FHA formulas assume that you will have much less money to spend on making your house payment. You will qualify for less than someone without children, as you should.

  2. No it doesn’t matter. Sometimes single parents can qualify for certain grants or loans that a married couple would not qualify for. It is mostly based on your credit and income though.

  3. children do not affect the amount you can qualify for with FHA. FHA goes by debt to income ratios when factoring your max qualifications.

  4. your spending involves within the family – your kids expenses should be counted especially if they or your kids are in private schools (it is very clear an additional expense isn’t it?) The kids’ education and food and clothings plus cell phones and other miscellenaeious are counted = because the money that you will use to give to your kids’ life is all coming from one pocket – your’s!

  5. Nice article on lending! It was well worded and informative.

  6. Can you point me to more articles on fha information?