is it easy to obtain an FHA mortgage now after you have been turned down for a conventional mortgage?

Posted on Aug 19, 2012 in FHA Information

Refinancing Home Loan Only When There Is No Alternative

article by John Mathew

More informaiton please visit here …
Loan Relief for Deeply Underwater Home owners in Florida Ultimately Flowing
Almost 13500 of the state&#39s most underwater borrowersthose who owe far more than 25 percent on their loan than their property&#39s valuehave received lower interest rates by means of the beefed-up Property Cost-effective Refinance Program. That&#39s 20 percent of all refinances …
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Banks make unsolicited refinance gives
Borrowers normally will be considered for a refinance if the balance on their first mortgage exceeds their house&#39s worth, approved they have not missed a payment in the previous 12 months, have no bankruptcies or prior modifications in the previous 24 months, and have …
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Is PennyMac The Future Of mREITs?
15, 2012, down from an opening price tag of $ 22.09. PennyMac has some critical development possible due to the fact 1 of its specialty as a refinancer of underwater mortgages. That consists of refinancing accomplished beneath the House Reasonably priced Refinance System (HARP).
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get fha mortgage
by SS&SS

Question by : is it easy to obtain an FHA mortgage now after you have been turned down for a conventional mortgage?
I am selling my house and am in contract with a buyer who has agreed on a price of 320K and has put down an initial down payment of 17.5K.
The buyer & their Attorney just told my Attorney that they were turned down for a conventional mortgage but are confident that they will be able to get an FHA mortgage now

Does this sound feasible ?

Is it easy to obtain an FHA mortgage now ( 02/2011 ) after you have been turned down for a conventional mortgage ?

Best answer:

Answer by Steve D
Possibly, seek depending upon the reasons for the declined conventional mortgage. Most likely, the lender for the conventional mortgage wanted a bigger down payment (10% or more). However, the $ 17.5K would cover the 3.5% down payment required by FHA.

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5avg.rating 15 votes.

2 Comments

  1. you still need at least a 640 score (which is higher than you needed a year ago) and 100k income to buy your house

  2. They can’t get a conventional because that almost nothing down.

    If that is their only problem they will get FHA.