Would I qualify for an FHA mortgage?

Posted on Sep 30, 2012 in FHA Information

Question by nathan.pitchford: Do ALL FHA loans require mortgage insurance?
I’m looking into refinancing my home to get out of an adjustable rate and I’ve received two good faith estimates. Both for FHA loans. It’s a 95% loan and one company says they can get me the loan without mortgage insurance and the other says it’s a requirement.
Well I’m being assured that this FHA loan doesn’t have any PMI on it and it’s 95%. I even referenced the fhaloan.com site and he said he is 100% sure no MI. Any ideas?

Best answer:

Answer by Mortgageman
The loan will have mortgage insurance. You can take a higher interest rate and have the lender pay it up front. Or you can add it to your loan amount and finance it over the life of the loan. Or you can pay it monthly with your mortgage payment and petition to have it removed once you think you have 20% equity.

Know better? Leave your own answer in the comments!

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Best answer:

Answer by golferwhoworks
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SBA's 504 mortgage refinancing program to end Sept. 27
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by bill barber

Question by jmpoct03: i am trying to take out a home equity loan, pilule is there anywhere i can go that i can get one.?
i trying to get a home equity home loan. i have no mortgage and my house is paid off. the problem im having is that my boyfriend just put me on the deed and they said i have to wait six months. my credit score is 596 and my boyfriends credit score is 459.is there anywhere i can go to get a home equity loan with my situation.

Best answer:

Answer by bud68
Your credit scores are also a problem.

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Question by : Would I qualify for an FHA mortgage?
I live in a state that offers a first-time buyer’s assistance program, decease for which an FHA loan is preferred. Here are the stats:

Monthy gross income: $ 4320
Monthly debt pymts: $ 130 (school loan, viagra less than $ 5k remaining total)
Monthly credit card pymt: $ 200 (Sam’s Club credit card, this is paid off in full every month)
Credit: Good (not sure of exact number, no bankruptcy, late payments, etc.)
Employment history: Moved to area to be tech in Dec 2009, changed to another tech position in Feb 2011 when last place of employment went under and everyone was laid off. I know this is slightly less than two years of steady employment in same field, but I’m hoping other factors can outweigh this.
Age: 23
Total in savings at this moment: $ 5k
Approximate cost of house: $ 75k (not any in particular, but looking around, this is what I’m interested in)

The first time buyer’s program for my state offers up to $ 4500 in assistance for downpayment (3% on FHA loan) and closing costs, which apparently can mostly be included in the loan amount. I read that mortgage insurance is also required, which was estimated to be about $ 300/month for a $ 75k loan.

What do you think? Any other relevant info needed? I read on the FHA website that two lines of credit are needed, and I only have the Sam’s Club credit card, but it did mention that things like rental history, utility bills, etc. can be included as alternate lines of credit, all of which I have in good standing.

Thank you so much for your help. This is so daunting, and I want to make sure I have all my ducks in a row.

Best answer:

Answer by SSSoft care
if you If you think that you fulfill the criteria of their requirements then you will, 100 % sure can get.

What do you think? Answer below!

5avg.rating 18 votes.

2 Comments

  1. Let’s start with the easiest – insurance – I think you are confusing mortgage insurance with home insurance. Mortgage insurance (PMI) is needed when you finance more than 80% of the price (which you are) and can be dropped when your equity reaches 20% of the current appraised price – a quick calculation estimates that your PMI (mortgage insurance) should be under $ 60 per month. Homeowner’s insurance (which covers your house and its contents) is also required, but $ 300 a month seems very high – shop around.

    As for qualifying – pull your credit report as soon as you can (before starting the process) to make sure all three reports are clean You don’t want any surprises. Go to http://www.annualcreditreport.com to get copies of all three reports for free. As for income, you make about $ 50,000 annually, which easily qualifies you for more than $ 75,000 (closer to $ 150,000). Call your state and make sure they have money left in the first-time fund – many states run out quickly. Be careful on rolling the costs into the mortgage – if you are financing the max (96.5% – FHA is 3.5% minimum down), the lender may not allow it. When you get your HUD-1 (Good faith estimate), go over it with your real estate agent (do not do this without an agent) – some of the costs on the GFE can be negotiated, which will save you money. Note also you can save on closing costs by settling near the end of the month (the pre-paids are pro-rated).

    You will probably also need two months worth of payments in the bank and separate from the cash for down payment and closing.

    Word to the wise – start the process as soon as you are financially able – the is a move afoot to increase the down payment required for FHA loans (I would expect it to go to 5% in the near future).

  2. based on what you have posted, I would say you have a 100% change to get an FHA loan.