Commercial Stated Income Loans – Good and Bad
Article by Jeff Rauth
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Question by cornfed: What are the pros and cons to a FHA home mortgage loan?
I have terrible credit but have been pre-approved for FHA at 6% interest fixed for 30 years.
I’m wondering if this is the way to go or if there are better ways to buy a home.
I’m a single mom, website live in Iowa, illness have very little for down payment, page good rent and work history, and signs that I’ve been working to improve my credit rating.
Best answer:
Answer by aCeRBic
There are really very few options at this point in financing a home. Most lenders that thrived during the real esate boom of this decade have gone bankrupt, most of the remaining lenders that have survived are so severely weakened they have limited mortgages to those that have near perfect credit and at least 10% down. If I had that FHA loan: 6% fixed with small down, I’d run with it. You’ll probably need to pay a PMI.
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HARP Refinance Program; help or eyewash?
The HARP refinance scheme that was put in force recently is meant to help the people who were genuinely affected by the recession. HARP refinance is meant to help people in financial crisis and who are not able to repay the home loan they have taken on the house that they are living in. In the HARP refinance scheme the borrower gets the benefit of lesser monthly payout and possibly a better plan such as a lower fixed interest plan. The home loan refinance rates in the HARP refinance scheme are much lower so that the larger burden of a big payout is reduced considerably.
There are of course some pre-conditions to the HARP refinance scheme which have been put in place so that there is no misuse of this program. Only those who can fulfill the conditions can avail this very pro-people program that has been implemented by the government.
Some of these conditions are that the mortgage must be owned by the Government approved Finance agencies; Fannie Mae or Freddie Mac. Also the loan application and approval process must be complete before May 2009. The home-owner should not be a defaulter and must have paid all installments up-to-date in the last one year. Since home loan repayment rates are decided upon the ratio of loan to value, ed the criteria for HARP Refinance is that this ratio should be more than 80%.
Home loans refinance is many times a decision that has to be taken by borrowers. Even with slightly improved conditions in the US Economy, recipe the time is yet to come that people can have enough savings on which they can fall back on when they need a large sum of money.
Till then home loans refinance is the easiest and best way out.
Falling interest rates is perhaps the most important reason why people go for home loans refinance. Not only are the home loan refinance rates more attractive but sometimes also the terms. During the time of recession many financers offered never before terms to lure the borrowers and entice them to take home loans refinance. These sops included marginal application fee, adjustable interest rates, no fees for appraisal or a nominal fee for title search. This was a big incentive for many home owners to take home loans refinance apart from the lower home loan refinance rates. HARP Refinance is also a sop offered by the Federal Government but it has too many ifs and buts to it.
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Question by albert & misty w: FHA loans?
where do I go to apply for an fha loan? Do you have to have good credit and a down payment?
Best answer:
Answer by slipstream
federal housing authority………you can apply for a loan at any mortgage lender or bank……..although a bank will require a down payment…..a mortgage company may not……your credit status will be reviewed & the F.H.A. will determine the risk factor…..and your monthly payment will be adjusted accordingly……you will have to pay a monthly insurance premium to the F.H.A. through your mortgage…..hope this help, doctor s…..good luck!
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Virtually any lender can do an FHA loan, and most of them do. You do need decent credit though it does not have to be perfect. You need a minimal down payment, typically about 3% in most cases.
FHA loans are quite rigid on the debt-to-income ratios, more so than for a conventional loan. Generally your mortgage payment must be no more than 28% of your gross income and your total debt load including housing must be no more than 35% of gross income. There’s a bit of wiggle room if one is well below the limit and one is slightly high.
FHA loans do have a mortgage insurance charge. That can either be paid in cash at closing or (more commonly) rolled into the loan principal. Unlike PMI, the mortgage insurance cannot be removed from the loan once your equity reaches a certain point. If the loan is retired early a portion of the premium paid MAY be refundable. Normally once the mortgage is 7 or 8 years old no premium would be refundable when it’s retired. I recently retired a 13 year old FHA mortgage and got nothing back on the MI premium.
You don’t need good credit; usually you need 3% down but there is likely a way to roll that into the loan or have the seller pay it. A good loan officer can help you apply for it. I recommend First National Banc Corp. They do business in most states and are your best opportunity for someone to say yes. ADDITIONALLY, IF YOUR CREDIT IS SUSPECT, THEY SOMETIMES FRONT THE MONEY TO GET YOU INTO A CREDIT RESTORATION PROGRAM SO THAT YOU CAN QUALIFY FOR A LOAN. Check out the free evaluation form at the source website and a First National loan officer will contact you within 24 hours. Good luck.