Questions about a FHA loan, Mortgages, and first time buyers?

Posted on Mar 8, 2013 in FHA Information

no credit home loans
by Vietnam Plants & America plants

Question by Yvette W: What was your credit score when you recieved a home loan?
I have a credit score of 618. Is this enough for me to apply for a home loan?

Best answer:

Answer by Katharine ????
Mine is 820 – and I am doing a loan right now.
Doesn’t hurt to apply – they will let you know if its enough or not – I went through wells fargo – the no closing cost deal!

Give your answer to this question below!
Question by pd39: Questions about a FHA loan, here Mortgages, order and first time buyers?
I will be a first time home buyer, seek I am looking in NJ, now living in NY. I take home, after taxes about 8k a month, my wife also brings in a few thousand a month. We have great credit and no outstanding bills except a few student loans. To find something in the area we want, we will have to spent about 700k or so. I have read that with a FHA loan you have to put down 3.5 % as compared to 20% with a regular mortgage. If you take out a FHA mortgage and put down the 3.5 % do you still have to pay PMI with a FHA ? Also, where should I go for a mortgage, I hear many bad things about brokers, And, the last thing, what am I looking at in fees and closing costs for this range ?

Best answer:

Answer by maxmom56
You pay PMI and you pay all closing costs. The banks are on the website – fha.gov.

Know better? Leave your own answer in the comments!

4avg.rating 21 votes.

One Comment

  1. Unless you put 20% down, you are going to pay PMI.

    I would strongly suggest that you work with a local lender. I’d start with where you do your banking. Internet lenders have no vested interest in making sure you are satisfied or close on time because their business is not driven by referrals. In my very limited experience with internet lenders, it has never gone well. Local lenders rely on referrals for repeat business, and might run into you at a local store, so they want you to be happy.

    When shopping for a lender, ask for a GFE (good faith estimate) of closing costs. Of course you are going to want to know your interest rate, but lenders can vary by thousands of dollars in closing costs. Ignoring closing costs can be expensive.

    Speaking of closing costs, a figure to work from is 3% of sales price.

    Good luck on your purchase.