How and What is required to get an FHA loan for first time home buys on SSI?

Posted on Oct 24, 2012 in FHA Information

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In California, homeowners used the Home Affordable Refinance Program to refinance just 19 percent of the time. The report also revealed that borrowers with loan-to-value ratios greater than 105 percent now represent more than half of all HARP transactions.
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Question by libra1128: Bad credit, treat no income verification LOAN question?
Here is my situation: I don’t have good credit….it’s not that bad, buy but not good. I also don’t make that much money a month (hence the no income verification I need). I need to take out a loan for about $ 50, online 000 to pay off my debt. I want to do this to have one monthly payment and I want a loan under 10% interest……I am paying 18-20% interest on my debt (credit cards) right now….so a loan at a lower rate would be better.

Does anyone know of a reliable, reputable company that does no income verification loans with not so great credit. I understand that this would probably mean a high interest rate, but as long as it’s lower than my credit cards….its okay.

Any ideas of a company or place or any ideas at all?
I would be borrowing this money to pay off my current debt though. So I would not be getting myself further in debt by borrowing more money because the loan would go right to my credit cards and I’d still be $ 50,000 in debt. The main reason is to consolidate it all to one monthly payment at HOPEFULLY a lower interest rate. Thanks for the answers so far.
I just don’t understand debt consolidation. They say to get a loan to pay off your current bills and have one monthly payment…BUT no one wants to give a loan to someone so far in debt with not so great credit…’s like a lose lose situation.

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Question by trish i: Attention any mortgage brokers/bankers ! I have been approved for an FHA mortgage…?
i recently was pre approved for an FHA mortgage and was wondering did the government pass a law stating they will no longer accept grants or down-payment assistance ? If not , sickness do you know any programs available?

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Answer by Landlord
You have a few more days, until Oct 1.

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Question by William Norrick: How and What is required to get an FHA loan for first time home buys on SSI?
I am looking to buy this house next to me that is $ 14, check 900. What are the requirements and HOW do i get an FHA Mortgage Loan as a first time home buyer being on Social Security?

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Answer by spalmer
You get a mortgage by contacting a lender and getting approved. They’ll tell you what documents they need (they’ll run a credit check, dosage look at your income, look at your debt, etc.).

The big problem that you are going to have is finding anyone who will give a mortgage for under 15k. In my city, that’s unheard of. There are only two lenders in my area who will loan less than 50k and only one that will loan 15k on a 10 year fixed mortgage (and it’s not FHA).

Typically these houses (priced this low) are for cash-buyers only because it’s impossible to obtain a mortgage for this little amount of money. I would start by contacting lenders in your area, or going to their websites to find out what their minimum mortgage amount is… then you’ll know if you should make an appointment. Good luck to you.

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One Comment

  1. There are NO mortgages for anything less then 50k You need to pay cash.