what are the requirements for an fha loan?

Posted on Aug 5, 2012 in FHA Information

stated income home equity loans
of Center for American Progress

ins and outs of official Income Home Equity Loans

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What is the Home Affordable Refinancing Program or HARP What is 2.0?

According to the Wall Street Journal, generic is approximately 23% of U.S. homes underwater – so the homeowner owes more than their house is worth. The percentages vary widely state by state. Expample47.9% for the Arizona mortgages were estimated to have negative equity, this together with 34.7% of California’s mortgage and 19% of Colorado mortgages.

These days, recipe the number one question customers ask right now is, what is the harp program? The Home Affordable Refinancing Program or harp is 2.0, the new government-funded, no evaluation to refinance home mortgage program for underwater mortgages.

The harp program is available on Fannie Mae and Freddie Mac-owned mortgages, before 1 June 2009 originated. You can check your claim www.HARPtool.com

The original Home Affordable refinance program was limited to 125% loan-to-value.

The version 2.0 of the HARP program does not require evaluation, and there is no limit to the loan-to-value.

It is also possible for the harp reduced documentation program have. As long as your payment not increase more than 20%, you are probably only a verification of employment, rather than tax returns and payroll.

Another great thing about the harp program is that competitive prices. If you get a 30-year fixed-rate loan, you need a little higher than market price or pay a little more to get a market rate. However, if the term of your loan to a 20-year amortization or shorten shorter, the risk adjustment waived and you will get a market rate. Fannie Mae and Freddie Mac have risk-based pricing for lower credit scores, so expect a little higher rate and / or higher fees, if you credit score under 740th

Fannie Mae and Freddie Mac have loosened the credit requirement for the HARP program. This includes the waiver of the minimum credit score requirement and allows borrowers with past bankruptcy or foreclosure to participate. The borrower must not be current on their mortgage for the last six months, but has been 30 days late on a period of 7 to 12 months

The bottom line is that the harp 2.0 program, the first loan program that has the potential to a large number of homeowners refinancing needs help finding one.

To learn more watch a recorded webinar on the most frequently asked questions about the program at HARP www.HARP2LoanProgram.com.
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Question by : what are the requirements for an fha loan?
I just changed jobs a couple days ago would that affect me getting a fha loan? Do i need to be at a job for a certain amount of time? Also the rest of fha loan requirements?

Best answer:

Answer by Dixie Darlin’
You need two years of steady employment, health they prefer the same employer. Here is a link, find the down payment is now 5 % though I believe.

http://www.fha-home-loans.com/loan_qualifying_fha_loans.htm

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One Comment

  1. I am Mrs Amy John,currently living in texas,USA.I am a widow at the moment with three kids and i was stuck in a financial situation by may 2009 and i needed to refinance and pay my bills.I tried seeking loans from various loan firms both private and corporate but never with success,and most banks declined my credit.But as God would have it,i was introduced to a man of God a private loan lender by name Mr Endurance Dawn who gave me a loan of $ 28,000USD and today am a business owner and my kids are doing well at the moment.So dear,if you must contact any firm with reference to securing a loan with low interest rate of 3% and better repayment plans and schedule,please contactMr Endurance Dawn.He doesn’t know that am doing this but am so happy now and i decided to let people know more about him and also i want God to bless him more.You can contact him through his email at endurancelendingfirm@gmail.com