Comments on: Get an FHA Lender if You Want an FHA Mortgage http://www.mortgagecreditproblems.com/blog/get-an-fha-lender-if-you-want-an-fha-mortgage/ Expert Advice & News on Bad Credit Mortgage, Mortgage Refinancing & Home Loans Sat, 21 Nov 2009 03:12:23 +0000 http://wordpress.org/?v=2.3.2 By: Gina Pogol http://www.mortgagecreditproblems.com/blog/get-an-fha-lender-if-you-want-an-fha-mortgage/#comment-4073 Gina Pogol Mon, 22 Jun 2009 17:22:23 +0000 http://www.mortgagecreditproblems.com/blog/get-an-fha-lender-if-you-want-an-fha-mortgage/#comment-4073 Thanks for reading :) Gina Thanks for reading :)

Gina

]]> By: Mortgage Man http://www.mortgagecreditproblems.com/blog/get-an-fha-lender-if-you-want-an-fha-mortgage/#comment-3991 Mortgage Man Sat, 20 Jun 2009 05:51:39 +0000 http://www.mortgagecreditproblems.com/blog/get-an-fha-lender-if-you-want-an-fha-mortgage/#comment-3991 Interesting Article. Thanks for the read! Interesting Article. Thanks for the read!

]]> By: Gina Pogol http://www.mortgagecreditproblems.com/blog/get-an-fha-lender-if-you-want-an-fha-mortgage/#comment-1972 Gina Pogol Wed, 11 Mar 2009 21:58:33 +0000 http://www.mortgagecreditproblems.com/blog/get-an-fha-lender-if-you-want-an-fha-mortgage/#comment-1972 Hi Rob, FHA is a great program. And this year is an awesome time to be a first time buyer. The feds give you $8,000 in refundable tax credits and if you're in CA you could score another $10,000 in tax credits if you buy a newly-constructed home. The chief advantages of FHA are: Low down payment required--about 3.5%. Easier credit qualifying--You are eligible for financing 2 years after a bankruptcy (or even only 1 year in certain circumstances). Less rigorous income qualifying. For example, FHA will allow you to stretch your debt to income ratios if you have demonstrated the ability to handle finances or have a job that is likly to pay a bigger salary in the future. Fewer pricing adjustments. Fannie Mae loans come with a <a href="https://www.efanniemae.com/sf/refmaterials/llpa/pdf/llpamatrix.pdf" rel="nofollow">slew of risk-based pricing adjustments </a>than can add thousands to your closing costs. For example, if you have a credit score of 670, 5% down with a 15% second, you're looking at paying an extra 3.25% in surcharges. Almost as much as your entire down payment on an FHA loan! When FHA isn't the right loan: You have a substantial down payment. All FHA borrowers pay mortgage insurance premiums, regardless of the size of your down payment. So if you wouldn't be required to pay mortgage insurance on a conventional loan it is probably a better deal. You want an ARM or special add-on like an interest-only feature. ARM rates are very low right now and if you have short-term plans for that property, a thirty year loan might not be the way to go. The property you want isn't FHA-approved. Hi Rob,

FHA is a great program. And this year is an awesome time to be a first time buyer. The feds give you $8,000 in refundable tax credits and if you’re in CA you could score another $10,000 in tax credits if you buy a newly-constructed home.

The chief advantages of FHA are:

Low down payment required–about 3.5%.

Easier credit qualifying–You are eligible for financing 2 years after a bankruptcy (or even only 1 year in certain circumstances).

Less rigorous income qualifying. For example, FHA will allow you to stretch your debt to income ratios if you have demonstrated the ability to handle finances or have a job that is likly to pay a bigger salary in the future.

Fewer pricing adjustments. Fannie Mae loans come with a slew of risk-based pricing adjustments than can add thousands to your closing costs. For example, if you have a credit score of 670, 5% down with a 15% second, you’re looking at paying an extra 3.25% in surcharges. Almost as much as your entire down payment on an FHA loan!

When FHA isn’t the right loan:

You have a substantial down payment. All FHA borrowers pay mortgage insurance premiums, regardless of the size of your down payment. So if you wouldn’t be required to pay mortgage insurance on a conventional loan it is probably a better deal.

You want an ARM or special add-on like an interest-only feature. ARM rates are very low right now and if you have short-term plans for that property, a thirty year loan might not be the way to go.

The property you want isn’t FHA-approved.

]]> By: Rob Van Winkle http://www.mortgagecreditproblems.com/blog/get-an-fha-lender-if-you-want-an-fha-mortgage/#comment-1971 Rob Van Winkle Wed, 11 Mar 2009 21:40:47 +0000 http://www.mortgagecreditproblems.com/blog/get-an-fha-lender-if-you-want-an-fha-mortgage/#comment-1971 Hi Gina, I'm thinking about buying a house in the fall and would like to know if an FHA loan is the way to go for a first-time home buyer. Can you explain some of the advantages and potential drawbacks of going this route? Thanks, Rob Hi Gina,

I’m thinking about buying a house in the fall and would like to know if an FHA loan is the way to go for a first-time home buyer. Can you explain some of the advantages and potential drawbacks of going this route?

Thanks,

Rob

]]> By: Ned http://www.mortgagecreditproblems.com/blog/get-an-fha-lender-if-you-want-an-fha-mortgage/#comment-1924 Ned Tue, 03 Mar 2009 21:12:23 +0000 http://www.mortgagecreditproblems.com/blog/get-an-fha-lender-if-you-want-an-fha-mortgage/#comment-1924 Thanks for the useful information - this is very useful for people who don't have credit problems too!! Thanks for the useful information - this is very useful for people who don’t have credit problems too!!

]]>