Q&A: What are the qualifications for an FHA loan?

Question by Indi: How to find out how much is still owed on a property in foreclosure?
Is this at all “public information”? There’s a house for sale that we are interested in & it’s a foreclosure. The deed holder is the FEDERAL NATIONAL MORTGAGE ASSOCIATION. (Fannie Mae)
The realtor does not know how much is left to pay on the property. Would like to know if I have any right to find out myself BEFORE making an offer……thanks!

Best answer:

Answer by falsi fiable
It’s not very hard to GUESSTIMATE. Find out the date and amount of the last sale and use a mortgage financial calculator to estimate the balance based on prevailing interest rates. This isn’t rocket science.

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Question by Shah: Where can I get the best mortgage rate with zero or low closing cost?
I am a first time home buyer. I wonder how I can get the best mortgage rate? I am not thinking about buying points or anything. Instead I want to reduce my cost on getting the loan. Is there any websites listing different mortgage rate from different mortgage companies?

Best answer:

Answer by Faheem
You may want to try fha-rates-today.com. They are based on the same idea that lenders will submit bids to compete for your business. However, sildenafil be aware that lenders don’t work for free and you are going to pay for a refinance whether you pay closing costs or whether the lender charges you a higher than market interest rate to get their compensation. There is really no such thing as a “no-cost” refinance.
A “no cost” mortgage can make a lot of sense if you aren’t planning on staying in the home long term. If you are planning on staying long term (maybe 5 years or more), treatment you might save more money in the long run by paying some closing costs and getting a lower rate. Just my two cents as someone in the industry.

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Question by TIM: How much can i be approved for a mortgage?
I currently make $ 50k a year. I have no debt, more about no car payments, adiposity no student loans. I have money saved for a down payment. What mortgage if any could i be approved for?

Best answer:

Answer by Pandas4me
you need to go to a bank and get pre-approved, nobody here can answer that.

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Question by JC: Will a past lay off affect my prospects of getting a home loan?
My wife and I have excellent credit scores and history. We both work. No lateness’ with bills, information pills no outstanding balances. We have sufficient savings. Always lived within our means. The home we are looking at is affordable. I was laid off two years ago. I was able to find work in early 2011. No other issues that could prevent one from getting a home loan. We are being told by the mortgage company they may not give us a home loan because of this. What options are there, if any? Thank you.

Best answer:

Answer by Huntsman
Federal requirements specify that you must have 2 years worth of solid employment in order for your income to qualify.
You could qualify, but only under your wife’s salary.
In other words, you would have to buy a much smaller home

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Question by J. S: What are the qualifications for an FHA loan?
Are FHA loans only for houses in foreclosure? Can those with bad credit qualify for FHA loans? Where is a good place to start looking?

Best answer:

Answer by DJ B
JS, health a good starting place is to visit several local lenders in your area. FHA loans are government insured loans available to everyone who qualifies. No they aren’t just for foreclosures. I’m sure you will find lenders who aren’t set up to handle FHA at this point, seek but alot of them are in the process of being accepted by FHA. I say local lenders because if something goes wrong with your loan, you want to be able to walk into their office and get is straightened out. You can’t do that with an Internet lender, and most times you won’t be able to get them on the phone.

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