What is an FHA loan? Who qualifies?
354171
Any one can apply for a FHA loan however the qualifications required is a long process to outline on this posting. If you would like, e-mail me and I will detail more for you.
224221
u must be a retired employee i think. \nbut i think they have mortage loans...
685917
You may still qualify for a FHA loan with collections on your credit, but the lender may require that the collections are either paid prior to closing or at closing.  Or, if your credit has improved significantly, the lender may be fine with a letter of explanation from you.\n\nThe best thing you can do is talk to your local financial institution or mortgage broker to find out what program(s) you may qualify for.
306117
The two main requirements is that you have to be over 62 years of age and have to have a good amount in your home.  Most common reverse mortgage pays borrower a monthly amount (as opposed to lump sum or line of credit).  Payments continue for as long as you live or you refinance.  Amount you receive per month depends on your age, value of home & amount of equity you have.  If you keep loan until you pass away, then your heir must sell home in order to pay back the lender.
341399
Depending on how bad your credit is- there are many things you can do.  FHA loans are not credit score driven- but you have to clear all outstanding collections and judgements.  Otherwise you will need a downpayment.  Sometimes you can get seller concessions, there are many county programs out there to assist low income people...\nContact a mortgage broker and they can let you know what you may or may not qualify for after running your credit.
367074
Typically FHA does not approve loans directly to the public.  You can find FHA financing at most banks, savings & loans, or other mortgage lending institutions.\n\nOnce the file has been fully processed the lenders direct endorsement underwritier will review & approve or decline your loan request.\n\nIt's not uncommon for a govt loan to take longer than conventional financing as the govt does have certain requirements that may be more time intensive.  However it should not be too much longer.  If your file has been in processing for more than 30 days the loan officer you are working with should be able to tell you a current status.  He/She should be able to let you know if there is a current stumbling block.\n\nSorry cloudjmc, if she was approved, then declined it was likely a property issue.
46445
If you're looking for exact lending criteria, this is not governed by banking laws.\n\nBanking laws (and regulations) are somewhat general when it comes to consumer loans. \n\nHere are some laws you might want to research:\n\nTruth in Lending Act and Regulation Z\nEqual Credit Opportunity Act and Regulation B\nReal Estate Settlement Procedures Act - HUD's Regulation X\nFair Housing Act\n\nYou can also explore BankersOnline. Under the Compliance section is a link for Alphabet Soup and that is a list of most banking laws and regulations.
1186396
Homegrants is the source for Down-Payment Assistant Grants and Gifts. Our easy to use online forms help streamline the Grant Process. ... use of downpayment on a vehicl grants Grants for home improvements H.E.L.P ... Process qualifications for this program REALTOR Referal Fee Remodel remodeling Replenishment Seminars SSN \n\nthis is one of the link where you will get good information www.usagovernmentgrants.org\nwww.grant-rating.com
1103519
It depends on the company who will be loaning you the money and how the process it. They might have you try to clean up the bad credit a little before they approve you. Thats what happend to me. My credit had some bad things on it and I had to fix them before we got approved. Your credit doesnt have to go back to perfect but you have to prove that you paid back your old debt. Otherwise the person with good credit might have to be the one who takes out the loan for the house without putting the other person on it.
1144600
FHA guarantees loans for first time home buyers and can often offer solutions even to people with bad credit.  Shopping around for a good realtor and lender if very important.\n\nAsk friends and family who they have used.  In the market as it currently sits, almost anyone can get a mortgage, everything depends on how much you want to pay and what property you want.\n\nWhen looking for homes, make sure your realtor knows that you are a first time home buyer and interested in FHA loans since only certain houses qualify for them and some will be automatically ruled out.\n\nWhen shopping for a lender (don't JUST go with the one the realtor recommends but DO at least check them out), inquire about FHA loans and what type of points and interest would be available for someone with a credit rating of X.  find out what your credit rating is from the 3 major credit bureaus BEFORE you shop for a lender.  You want to know what they are going to be seeing before they do.\n\nThe more information you have the better.  Don't be afraid to ask questions or to walk away if it isn't what you want.\n\nStandard disclaimer: This is not legal advice nor financial advice.  If you wish to have legal or financial advice, you shoudl contact a licensed professional in your area.
1075633
This is a great question!!  First of all, I'm amazed at how people WITHOUT any experience in the mortgage lending industry are offering advice to people about one of the most important issues in their life!!!  I am the General Manager of a large Mortgage Company.  Please listen!!!!!!\n\n1st of all....Congratulations on realizing that real estate is where the security of your financial being is centered!!  There are MANY programs that allow you...even a college student...to purchase a home.  I'm going to make a few assumptions.  1) Your credit score is higher than 620 and you have no serious collections over a period of the last 12 months.  2)  You can provide proof that you've been employed for at least 2 years.  3)  You're a citizen of the US.  4)  Your credit card HIGH LIMIT on at least ONE of the cards is $1000 or higher.  (If it's not, ask them to increase it to at least $1000)\n\nContact any reputable mortgage BROKER and explain your situation.  Typically, it's a broker than also has the ability to do FHA loans, though you don't HAVE to get an FHA loan.  They are monitored by the government to a greater degree and MUST be reputable!  There are MANY programs that offer 100% financing to you...that means, you will only have to pay the closing costs for the loan AND if you ask your real estate agent to locate homes where the owner is willing to provide SELLER CONCESSIONS, the seller can even pay the closing costs FOR YOU!!  MANY MANY sellers are willing to do this since it helps sell the home faster!  \n\nIF you can get a business license for ANY job or home based business through your city or county, no matter if you actually do any business through that company or not, and if you can show that you've had that business license for at least 2 years...sometimes a little less...you CAN QUALIFY FOR A "STATED" LOAN.  This is a loan that simply lets your credit score do the talking for you.  The lender assumes that you have a reasonable income (which you will "state" to them...whether it is true or not) and you don't have to provide proof of it!!  In the industry it is called a Liar's Loan.  A cute moniker that does not mean the loan won't be done.  Lenders understand that it is simply a tool that homeowners use when they can't prove their income.  The weigh the credit score and history against the risk of the overall loan amount.  Assuming your credit score is greater than 620...and it probably is much higher than that, you'll be fine.  The lender may need to see that you have 3 - 6 months worth of mortgage payments in the bank, so you're $7K will come in handy.  This is the only income verifcation they will do.\n\nInterest rates for this loan are a little higher, but not by much.  However, you can expect the overall rate to be higher than normal simply due to the low loan amount.  Any loan smaller than $100K incurs a higher interest rate.  It wouldn't be unusual for you to pay as much as 8 - 10%.  However, as scary as that sounds, keep in mind that the loan amount is VERY small (relatively) and the payments are stretched over 30 years, so the impact of a high rate on a small loan amount is negligible (comparatively).\n\nAs an example.  \n$40,000 @ 7% = $266 pmt (principle & interest)\n$40,000 @ 8% = $293 pmt\n$40,000 @ 9% = $322 pmt\n\n$30 per 1% is negligible!!\n\nIf you don't have a business license or don't want to wait that long, consider getting a co-borrower, like another party....mom, dad, sister, friend, etc.  With both of your incomes, you'll more than qualify for a standard, Fully Documented loan (Full Doc) where you have to prove your income with W-2's, etc.  After the loan is completed and closed, the other party can sign a QUIT CLAIM DEED at a title company and remove themselves from the title of the property.  They will still be a responsible party for the loan itself, but not have any rights to the property.  After 1 -
418541
Depends on the type of loan you have.  If it's FHA you will have to wait 2 years.  Check you closing papers.   Stay positive and blessed\n\nTy
465335
Find a reputible lender, often times someone you know at a bank or loan company and ask them about first-time home buyers assistance programs.  Many states and individual counties have programs that will approve you based on other criteria other than your credit scores.  Definately check it out and see if you qualify for any programs.  Best of Luck!
164978
As a matter of fact, No. FASFA is to determine eligibility for loans. Some scholarships - those that are needs based - also use the FASFA formulas to determine eligibility. Other scholarships are NOT needs based but, instead, are determined entirely by merit. Grades, scores, some other specific qualities, or a combination. My son, who wants to attend a rather expensive private college, has managed to find several thousand dollars worth of scholarships without filling out any forms that describe our family's finances.
378615
The lender asks for your W2s and tax info to verify that you have a stable income history and no outstanding debt to the federal government.  You would be a poor risk for a loan if you were unable to prove you had enough income to pay your mortgage.
993313
I don't think so.  FHA is for purchases only I believe but check with a loan officer who deals with the program.
687234
Federal National Mortgage Association-Fannie Mae (FNMA) It purchases and sells residential mortgages insured by FHA or guaranteed by VA as well as conventional home mortgages.  This is a government sponsored corporation that is now owned entirely by private stockholders.\n\nFederal Home Loan Mortgage Corporation Freddie Mac (FHLMC)\nThis corporation raises funds by issuing securities backed by  pools of conventional mortgages, either by Participation Certificates (PC's), guaranteed Mortgage Certificates (GMC's), Collateralized Mortgage Obligations (CMO's) or Mortgage Cash Flow Obligations (MCF's)\n\nI hope this has been of some use to you, good luck.\n\n"FIGHT ON"