Posted on: 27th Jul, 2009 08:56 pm
What are minimum requirments for a FHA loan
and what optiosn do I have to convert my current 80/20 loan in to a FHA loan
(I have been checkign some of the posts on this forum and makign me to ask questions, assumign It can help my situation)
and what optiosn do I have to convert my current 80/20 loan in to a FHA loan
(I have been checkign some of the posts on this forum and makign me to ask questions, assumign It can help my situation)
hi homeowner,
an fha loan is a very good option for home owners. there are various requirements for obtaining fha insured loans. some of them are as follows:
1. a minimum down payment of 3.5% is required to qualify for an fha loan.
2. you need to have credit score of at least 620 to be eligible for the loan.
3. a steady employment history of 2 years is needed.
4. if there is a bankruptcy on your credit, it should be at least 2 years old. foreclosure must be at least 3 years old. you should also have improved your credit considerably following the bankruptcy or foreclosure.
5. you are required to pay a mortgage insurance premium (mip) for the loan. you will be charged an upfront mip of 1.75% and a monthly insurance payment of 0.55% of the loan amount.
if you want to convert your current mortgages into an fha loan, you need to do a refinance. in case, your current mortgages are fha insured, you can apply for fha streamline refinance and take advantage of the low rates. if the current loans are not fha insured, you will have to apply for a full qualifying refinance.
an fha loan is a very good option for home owners. there are various requirements for obtaining fha insured loans. some of them are as follows:
1. a minimum down payment of 3.5% is required to qualify for an fha loan.
2. you need to have credit score of at least 620 to be eligible for the loan.
3. a steady employment history of 2 years is needed.
4. if there is a bankruptcy on your credit, it should be at least 2 years old. foreclosure must be at least 3 years old. you should also have improved your credit considerably following the bankruptcy or foreclosure.
5. you are required to pay a mortgage insurance premium (mip) for the loan. you will be charged an upfront mip of 1.75% and a monthly insurance payment of 0.55% of the loan amount.
if you want to convert your current mortgages into an fha loan, you need to do a refinance. in case, your current mortgages are fha insured, you can apply for fha streamline refinance and take advantage of the low rates. if the current loans are not fha insured, you will have to apply for a full qualifying refinance.
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homeowner2010,
with all the detailed requirements stated above I will just add that it is better that you should add your spouse on mortgage also so that it will not have further complexities in coming future.
keep in touch....
:arrow: :arrow: :arrow:
with all the detailed requirements stated above I will just add that it is better that you should add your spouse on mortgage also so that it will not have further complexities in coming future.
keep in touch....
:arrow: :arrow: :arrow:
when did ho2010 get married?
angela cited debt ratios that are pretty much archaic. all loans are subject to automated underwriting, which will often allow borrowers to have ratios in the 40s and 50s (depending on all other favorable factors, of course).
ho2010 you can refinance (as long as there's no cash out) on an fha loan to 96.5% of the value of your home, so your 80/20 would be awfully close to being covered, assuming that your property value has not declined.
angela cited debt ratios that are pretty much archaic. all loans are subject to automated underwriting, which will often allow borrowers to have ratios in the 40s and 50s (depending on all other favorable factors, of course).
ho2010 you can refinance (as long as there's no cash out) on an fha loan to 96.5% of the value of your home, so your 80/20 would be awfully close to being covered, assuming that your property value has not declined.
gmakerley
I am not sure why you are talkign about my martial status?
Any how, every one thnk you for your response, some of them for sure confuse me and some of them are to the point
Thanks
I am not sure why you are talkign about my martial status?
Any how, every one thnk you for your response, some of them for sure confuse me and some of them are to the point
Thanks
if you read the post immediately preceding mine, you'll see the following from manoj:
with all the detailed requirements stated above I will just add that it is better that you should add your spouse on mortgage also so that it will not have further complexities in coming future.
and that is why i asked the question "when did ho210 get married?"
i guess i could have spelled it out more than 100%, but then again there's no such thing as more than 100%.
with all the detailed requirements stated above I will just add that it is better that you should add your spouse on mortgage also so that it will not have further complexities in coming future.
and that is why i asked the question "when did ho210 get married?"
i guess i could have spelled it out more than 100%, but then again there's no such thing as more than 100%.
Thanks for your response
you are welcome.