Jun
06
FHA Home Loans what do i need to qualify ?
By
I want to purchase my first home, what do i need to qualify for an FHA home loan? Down payment, income, credit requirements, etc. i make $3,000.00 dollars a month is that more then enough to qualify for an FHA home loan.
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4 Comments
June 8th, 2010 at 2:30 am
a 620 credit score for starters. 3.5% down payment in the banks and maybe closing cost as well. Your house with taxes and insurances included cannot go over $870 monthly. So depending on the tax base you may be able to buy around $100,000 home more or less
June 10th, 2010 at 12:09 pm
Please be aware that with an FHA loan you also have to pay up front 1.75% of loan amount as pmi premium. You can roll it into loan but it still costs money. Plus you get to pay pmi each month also.
FHA loans are expensive in terms of fees as most loans are for borrowers with little cash.
Very tough for little guy to get ahead. Instead of allowing you to put that 1.75% as a down payment they use it as a fee that never comes back to you.
June 10th, 2010 at 10:22 pm
When applying for a home loan your credit report will be reviewed and you may be required to provide a number of other details, including: Employment and income records, Tax Returns for the last few years List of assets, List of liabilities and what you owe, Your budget showing monthly living expenses so that you can demonstrate an ability to pay.
With this information you and your lender will be able to determine the kind of home loan and size of the right mortgage for you. In some cases, you can obtain a pre-approval or pre-qualified certificate, which shows how much you can borrow so that you can then shop for homes in an appropriate price range.
June 13th, 2010 at 9:43 am
Depends on your credit score and other bills you have. Anyone that tries to tell you you can afford a home that is 3 times your income, is part of the reason we have this situation in the economy we have right now. It is not reasonable especially if you want a car, pay for food and improvements. We are in this mess because people took loans for so much more than they could afford, but the realtors told them they could why increase of income for them. Would not go 2x of my income at most, do not forget you have to add taxes and insurance which is something they do not seem to account for. and changes in living situations as like having a family. Your will need at least a 620 credit score, 3.5% down cost for appraisal, inspection pest inspection, insurance for a year all prepaid and closing which you can get the seller to pay part of.