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FHA loans?

albert misty w - 2007-06-24 15:52:46 - Renting Real Estate

where do I go to apply for an fha loan? Do you have to have good credit and a down payment?

Best Answer:

You don't need good credit; usually you need 3% down but there is likely a way to roll that into the loan or have the seller pay it. A good loan officer can help you apply for it. I recommend First National Banc Corp. They do business in most states and are your best opportunity for someone to say yes. ADDITIONALLY, IF YOUR CREDIT IS SUSPECT, THEY SOMETIMES FRONT THE MONEY TO GET YOU INTO A CREDIT RESTORATION PROGRAM SO THAT YOU CAN QUALIFY FOR A LOAN. Check out the free evaluation form at the source website and a First National loan officer will contact you within 24 hours. Good luck.

Answers:

federal housing authority.........you can apply for a loan at any mortgage lender or bank........although a bank will require a down payment.....a mortgage company may not......your credit status will be reviewed the F.H.A. will determine the risk factor.....and your monthly payment will be adjusted accordingly......you will have to pay a monthly insurance premium to the F.H.A. through your mortgage.....hope this help,s.....good luck!

Virtually any lender can do an FHA loan, and most of them do. You do need decent credit though it does not have to be perfect. You need a minimal down payment, typically about 3% in most cases. FHA loans are quite rigid on the debt-to-income ratios, more so than for a conventional loan. Generally your mortgage payment must be no more than 28% of your gross income and your total debt load including housing must be no more than 35% of gross income. There's a bit of wiggle room if one is well below the limit and one is slightly high. FHA loans do have a mortgage insurance charge. That can either be paid in cash at closing or (more commonly) rolled into the loan principal. Unlike PMI, the mortgage insurance cannot be removed from the loan once your equity reaches a certain point. If the loan is retired early a portion of the premium paid MAY be refundable. Normally once the mortgage is 7 or 8 years old no premium would be refundable when it's retired. I recently retired a 13 year old FHA mortgage and got nothing back on the MI premium.

You don't need good credit; usually you need 3% down but there is likely a way to roll that into the loan or have the seller pay it. A good loan officer can help you apply for it. I recommend First National Banc Corp. They do business in most states and are your best opportunity for someone to say yes. ADDITIONALLY, IF YOUR CREDIT IS SUSPECT, THEY SOMETIMES FRONT THE MONEY TO GET YOU INTO A CREDIT RESTORATION PROGRAM SO THAT YOU CAN QUALIFY FOR A LOAN. Check out the free evaluation form at the source website and a First National loan officer will contact you within 24 hours. Good luck.

If you have a poor credit score, it is difficult to get a loan from most banks and financial institutions. Credit is usually available only at a very high interest rate.Only few companies provide loan with poor credit score.Check out link for details. http://l4y.info/