What are the standard fha (hud) credit qualifications?
469050
FHA requires full documentation of income, 2 years of Employment, and decent credit(usually 580 or above but I've gotten exceptions on lower credit scores).  You might also want to look for some grants that actually pay the 3% down-payment that is required.  FHA has made some great changes to their guidelines and I believe they are going to make a strong comeback.  I work in the mortgage buisness(Correspondent Lender) so please feel free to contact me for more information.
821195
If you contact a realtor in your area, they can search for houses in your specified areas looking for HUD homes. If you would like to be connected to an agent in the area, please send me an email and I will see what I can find for you! Have a great evening!
712538
There are many programs available for middle of the road credit including programs to build a new home.\n\nThe best thing to do is get the credit profile in order first before submitting a loan request. There are things you can do to improve your scores in less than a week.\n\nI write a blog on the subject of credit management, mortgages, real estate trends, etc. Check it out for more information that may be helpful.
1112974
THANETHE BRAIN DOES NOT KNOW WHAT HE IS TALKING ABOUT. To qualify you I just need your SS# ( to run credit) and answer a few questions, TO GET a mortgage a I need 2 years W2 a sales contact, 2 recent pay stubs a copy of the cancel check if you put any money down.  You need to get a lawyer (have the lawyer run a title search) a appraisal and maybe a home insp. If you have any questions you can email me  johng@oldmerchants.com I am a Sr. manager at a mortgage Bank
212280
Check with your local Housing Authority to see if they offer any programs that can help. Also check with FFA,HUD and the local office of any real estate company, they may guide you into the right program for you. As well, if you have any prior military background, you could check into a Veterans program for houses. Hope this helps.
422409
You can go to the Catalog of Federal Domestic Assistance (CFDA) http://www.cfda.gov and Grants.gov http://www.grants.gov - these are two sites created by the federal government to provide transparency and information on grants. Browse through the listings and see if you can find any grant that would support your purposes. \n\nIn the instructions at Grants.gov, you have to first go to CFDA to find out the grant number that you qualify. You can search CFDA various ways (by grant number, by keyword, etc.). You can find grant programs by category -- here are the lists of grants under Home Buying/Homeownership http://12.46.245.173/pls/portal30/CATALOG.FIND_GRANT_PROGRAM_TXT.SHOW?p_arg_names=func_cat_cd&p_arg_values=ML  Check if any applies to you\n\nTo make searching easier, Housing and Urban Development HUD has a list of housing grants http://www.hud.gov/offices/adm/grants/fundsavail.cfm - though I have NOT seen any grants available for first time homeowners.\n\nEven if you buy books on "how to get grants" or list that supposedly has information on grants -- all of them are mere rehash of what CFDA has, albeit packaged differently.\n\nNote though that these grants generally support non-profit organizations, intermediary lending institutions, and state and local governments. Most of the federal grants are given to specific target groups with specific requirements (e.g. minority business owners involved in transportation related contracts emanating from DOT - Grant#20.905 Disadvantaged Business Enterprises Short Term Lending Program. Individuals especially for personal purposes are not eligible for federal grants. \n\nGrants are also often given to non profit groups or organizations involved in training or other similar activities (grant 59.043 Women's Business Ownership Assistance that are given to those who will create women's business center that will train women entrepreneurs \n\nEven SBA does NOT give out grants for starting or expanding a business. There are no grants for small businesss entrepreneur -- unless you live in a really depressed area such as Native American reservations. From the SBA website http://www.sba.gov/expanding/grants.html\n\n"The U.S. Small Business Administration does not offer grants to start or expand small businesses, although it does offer a wide variety of loan programs. (See http://www.sba.gov/financing for more information) While SBA does offer some grant programs, these are generally designed to expand and enhance organizations that provide small business management, technical, or financial assistance. These grants generally support non-profit organizations, intermediary lending institutions, and state and local governments."\n\n\nhttp://www.cfda.gov\nhttp://www.grants.gov\nhttp://gtionline.fdncenter.org\nhttp://www.powerhomebiz.com/vol66/grants.htm\nhttp://www.sba.gov/expanding/grants.html
235079
www.hud.gov They have answers and links to help.
167441
Visit the HUD page on available grants and check if there is anything available where you can qualify and fits your needs\n\nhttp://www.hud.gov/grants/index.cfm\n\nYou will be required to submit your grant application electronically (mandatory now)\nhttp://www.hud.gov/grants/index.cfm
666497
That all depends on the program that your interested in obtaining a loan with. With FHA or State Bond program, the normal credit scores are 580 for the east coast, 560 for the midwest, and 520 for the west coast. IF you decide not to do a goverment loan, then it would depend on the lender. The lowest I have seen is 520 FICO score, however be prepared to pay a lot in interest and points. Hope this helps...
153395
There are several:\n\nTransforming FHA - HUD will propose transforming the Federal Housing Administration to include updating decades-old requirements that severely limit FHA's ability to reach the very homeowners it was created to serve. HUD will propose amending the National Housing Act to allow FHA to offer new mortgage options to benefit lower income borrowers who currently are forced to turn to nonprime, high-risk mortgage products to purchase their homes. This proposal will restore FHA to fulfill its mission to give families a safe deal at a fair price.\n\nHOME Investment Partnerships (HOME) Program - HOME is the largest federal block grant program dedicated to creating affordable housing for low-income families. The Administration proposes $1.9 billion for the HOME program in 2007, an increase of $123 million from this year. Each HOME dollar allocated to a local jurisdiction traditionally stimulates more than three dollars from other public and private sources.\n\nThe American Dream Downpayment Initiative (ADDI) - The 2007 Budget provides $100 million to help first-time homebuyers overcome the biggest obstacles to homeownership - downpayment and closing costs. Since President Bush signed this initiative into law, ADDI has helped nearly 14,000 families to purchase their first home, nearly half of whom are minority.\n\nSelf-Help Homeownership Opportunity Program (SHOP) - The Budget proposes $40 million for HUD's SHOP Program, which allows lower income families to purchase their first home through their own "sweat equity." Those who benefit from SHOP funds must contribute at least 100 hours of their own labor to help make a house their home.
127013
Buying grants. 1. you can search hud web site and check you local city. Also it depends on the type grant you are looking for. ( Free money?) ( down payment assitance) I would need to know more about your needs are.
149780
http://www.hud.gov/offices/pih/programs/hcv/index.cfm
189608
Again bad advice. \n\nYou may get 100% financing at a 550 FICO score but I highly doubt you will like the terms. You will be "sub prime" which means a high interest rate (7%+) and possibly pre-payment penalties.\n\nYou will need a score of at least 620 to get into normal rates and even then it will be "full doc" meaning you will have to show 12 months of on time payments(rent,mortgage) and possibly explain any negative items.\n\nHopefully you have copies of all 3 of your credit reports and have reviewed them for accuracy. If not go to www.annualcreditreport.com to get all 3 for free.\n\nIf you are seriously considering buying a home with 100% financing then go to www.myfico.com and learn about FICO credit scoring. \n\nWhen you feel your credit reports are in as good a shape as they can be and you understand FICO credit scoring you can go to www.bankrate.com and put in your criteria and your area and get a list of lenders that offer mortgages for your situation.\n\nIf I were you I would also spend the $45.00 to get all 3 of your FICO credit scores at www.myfico.com/12.\n\nGood Luck
544234
Best way to find out is to get a free pre qualification done with a lender of your choice.  This will help you in many ways.  \n\n1.  You'll find out the various programs available.\n\n2.  You'll know exactly how much home you can shop for given the outcome of the lender evaluation.\n\n3.  You can ask the lender to provide you with a letter stating you are pre-qualified for xx amount...this makes any offer you do make on a home that much more strong and definitely more attractive.  If it came down to picking between two offers, the seller will almost always take one that is pre-qualified over one that isn't.  (Always have your lender tailor this letter to the specific offer -- no need to let someone know you are qualified for $250K if you only want to offer $230K on a home :)
1024609
In most cases, you don't need special education or background.  However, previous experience in sales, finance or real estate help.  I would suggest you look for an online or attendee type seminar.  If you research it, you'll find several.  In some states you may be required to obtain a mortgage loan officer license.  You can usually contact the Department of Real Estate in your state for that confirmation.  Many mortgage brokers and lenders will hire inexperienced loan officers and offer them a significant amount of training, however be aware that most do NOT offer a salary.  This is a commission based industry and most companies require you to work without compensation until you produce your own loans.  That can mean 2, 3, or 4 months without an income.  It's tough and there's a lot of turn over in the industry as a result of that issue.  If you have some experience in sales, finance or real estate...some lenders, like Countrywide and Wells Fargo as an example may hire you and give you the training AND pay you a small guaranteed salary for a period of time until you are on your feet.\n\nGood luck.!
679407
This would probably be a state or county program.  You are right that HUD is the federal program, and I'm not surprised that the waiting list is very long.  I would start with the counselor or whoever is responsible for your disability insurance (workers' comp insurance carrier or state disability, or perhaps Veteran's Administration), and ask what they know about housing assistance.  Once you have a social worker assigned to you in any one program, part of their job is to know what other programs you may be eligible for, and how to go about applying.\n\nI'm in school now (right now; typing this in lab) on a program run by the state unemployment office but financed by federal money.  I feel guilty about using tax money, but you gotta do what you gotta do.  I take comfort in the fact that I paid taxes -- a huge amount, in my opinion -- for many years before I was laid off.\n\nGood luck!
1122164
Try FHA loans. http://www.hud.gov/fha/loans.cfm