FHA Loans

If yes, how?

what are the qualifications for a house to be approve for a FHA loan?

What Are The Minimum Credit Scores To Qualify For A FHA Loan?

What does FHA Score Card Mean? Is that HUD GUIDELINES?

I know that FHA loans are the best loan programs for borrowers with bad credit and low credit scores. What is the minimum credit score requirements to get approved for FHA loans.

THERE ARE VARIOUS DIFFERENT FICO MODELS. WHAT FICO MODEL DO YOU LOOK AT FOR FHA.

From my understanding, there are different types of FICO Models and every creditor uses a certain FICO Scoring Model. What FICO Model do Lenders Look at For FHA Loans? What FICO Model does FHA use? What is the most accurate FICO Score Model?

Can the seller tax proration that is credited to buyer at close. Will that be allowed to count towards the 3.50 % down payment. I know it is allowed, but can it be used to show that is where the part of remaining proceeds will be coming from?

Can I get approved for an FHA loan with a timeshare foreclosure?

Here’s a blog about HUD Guidelines on gift of Equity.

What are FHA spot loans for homebuyers buying a condominium with an FHA loan? How does FHA spot loans work?

FHA loans are the most popular mortgage loan program for homebuyers and homeowners with bad credit. Homebuyers with less the perfect credit and low credit scores can qualify and get approved for FHA loans with bad credit with a 3.5% down payment. FHA loans with bad credit allows borrowers to qualify for an FHA loan with bad credit with credit scores down to 500 FICO. To qualify for a 3.5% down payment home purchase FHA loan, you need at least a 580 credit score. Borrowers with under a 580 credit score and down to 500 FICO can qualify for an FHA loan with bad credit with a 10% down payment.

When using child support as income, which of the following is required to verify the income for an FHA loan?

If a person already has an FHA loan in his primary house and gets a job offer with a different employer and needs to start the new job right away, can that person keep the existing house and rent it out and buy a second house to use as primary residence with a second FHA loan?

What happens if you have a older civil judgment that is not paid. Can you qualify for any mortgage loan application for a home loan approval if the judgment is not paid. I heard HUD guidelines on FHA loans is the easiest to qualify for borrowers with a judgment.

Is it possible to get a mortgage loan on 50 acres on my primary home in Wisconsin? Preferably FHA loan but I think I qualify for a conventional loan too.

I still do not have the right answer on the question I have been asking what is an FHA case number. Why is it mortgage lenders make a big deal about transferring an FHA case number from one lender to another.

“FHA loans” typically refer to mortgage loans insured by the Federal Housing Administration (FHA), which is a government agency in the United States. FHA loans are designed to make homeownership more accessible, especially for first-time buyers and those with lower credit scores. The term “high balance FHA loans” may refer to FHA loans that exceed the standard loan limits.

FHA loan limits vary by location and are influenced by the median home prices in a particular area. In areas with higher home prices, the FHA sets higher loan limits to accommodate the cost of living. These higher loan limits are sometimes referred to as “high balance” or “high-cost area” loan limits.

Borrowers seeking FHA loans in areas with higher home prices may be eligible for a high balance FHA loan, allowing them to borrow more than the standard FHA loan limit. The specific loan limits can change annually and are influenced by factors such as changes in the housing market.

It’s important for borrowers to check the current FHA loan limits for their specific area and understand the guidelines set by the FHA. Additionally, borrowers should work with a qualified mortgage lender who can provide information and assistance in navigating the FHA loan process. Keep in mind that borrowing limits, interest rates, and other terms may vary among lenders, so it’s essential to shop around for the best loan terms that fit your financial situation.

If the FHA Title I loan is under $7,500, the title I loan is considered an unsecured personal renovation loan. However, any Title I loans greater that $7,500 up to $25,000 is considered a second mortgage and the lien is placed on the house behind the first mortgage.

Solar panels are $25,000. Can I get an FHA 203k Limited Loan for financing Solar Panels in a single family home?

I am looking for a lender that offers Title I Loans for solar panels on single family homes. Can’t find any lenders that do Title I loans

HUD, the parent of FHA, does not allow credit disputes on the following:

1. Outstanding collection accounts that are not medical collections.

2. Charged off accounts

3. Late Payments in the past 24 months

4. Derogatory public records such as bankruptcy, foreclosure, deed-in-lieu of foreclosure, short sale, child support, federal and state tax liens, judgments, delinquent student loans, and other derogatory credit tradelines.

EXEMPT FROM CREDIT DISPUTES

1. Medical collections

2. Non-medical credit disputes that are on-time payments and good standings.

3. Non-medical disputes with zero balance.

4. Non-medical credit disputes with total credit tradelines with under $1,000 Outstanding Balance.

5. Collections and charge off accounts, late payments, older than 24 months.

VA, USDA, NON-QM, FANNIE MAE and FREDDIE MAC are normally EXEMPT from credit disputes. We have a YouTube live video aired today September 25th, 2023 at 10 am hosted from GCA Mortgage Group which we will post on this thread. Contact Gustan Cho Associates if you have any questions.

FHA Streamline Refinance mortgage loans are going to be the new game in town once the mortgage markets corrects. Rates are at historic 22 year highs and it is not when it will tank but WHEN. Please take a minute and read this guide on FHA streamline refinance mortgage loans:

https://preferredmortgagerates.com/fha-streamline-refinance/

preferredmortgagerates.com

FHA Streamline Refinance

HUD allows homeowners with FHA loans to do an FHA streamline refinance with no income docs, no appraisal, and close in 2 weeks with no stress

Barndominiums are becoming more popular. Can you finance one with an FHA loan?

Do you treat income taxes as past due if the taxes aren’t paid the earlier of when the tax return is filed or the last day to file without an extension?  Or at some later date?

• This discussion was modified 2 years, 3 months ago by  Alan Bercovitz.

FHA Down Payment Assistance programs are grants or loans offered by city, county, or state housing agencies to promote home ownership in their jurisdiction. Unlike general FHA loans, FHA down payment assistance is not a national uniform federal program. Each FHA down payment assistance program has its credit and income requirements.  This forum will answer questions about the individual FHA down payment assistance program per jurisdiction.

FHA loans are the most popular loan program for first-time homebuyers, borrowers with bad credit, homebuyers with high debt to income ratio, and borrowers with credit scores down to 500 FICO.

• This discussion was modified 2 years, 3 months ago by  Eric Jeanette.