Posted on: 02nd Oct, 2007 11:32 am
I need something soon, becasue right now I'm living in a section 8 home, and I'm ready to take the next step of owning. My lease will be up at the end of this month can you help. I'm been employed for 2 years with my present employer
Hi if you are gainfully employed and have clean credit in the last 12 months you can look into FHA loans, the ammount you will qualify for will be based upon your income. It helps but not nessesary to have a downpayment and some assets. The rest will be dependent on your situation. As far as financing a mobile home it may be a problem if its not on a permanent foundation.
Hi Towana,
Welcome to forums.
It's good to hear that you're on your way to buying a home. I shall agree with Eugene here as he says that FHA loan can be an option for you. There isn't any requirement that you need to paya high percentage of down payment - you can go for it at about 3% down payment even. And, the loan is insured by the FHA, so even if you default, it can be paid through the mortgage insurance policy.
Considering the eligibility, you need to have debt-to-income ratio of 41% and you needn't have a very high credit score. I think it's time you start shopping for an FHA loan and do compare the loan offers before you choose the right one.
Thanks
Welcome to forums.
It's good to hear that you're on your way to buying a home. I shall agree with Eugene here as he says that FHA loan can be an option for you. There isn't any requirement that you need to paya high percentage of down payment - you can go for it at about 3% down payment even. And, the loan is insured by the FHA, so even if you default, it can be paid through the mortgage insurance policy.
Considering the eligibility, you need to have debt-to-income ratio of 41% and you needn't have a very high credit score. I think it's time you start shopping for an FHA loan and do compare the loan offers before you choose the right one.
Thanks
Hello Towanna,
Are you planning to buy the home in which you live right now? Is that a mobile home?
For financing a mobile home you can definitely look out for the FHA insured mobile home mortgage. You may use the Title 1 loan to buy either the home or the lot or both of them. The maximum loan amount which you can avail is
$ 48,600 for the home
$ 16,200 for the home lot, and
$ 64,800 for both home and lot.
For further details you may look here http://www.mortgagefit.com/mobile-homeloan.html
Are you planning to buy the home in which you live right now? Is that a mobile home?
For financing a mobile home you can definitely look out for the FHA insured mobile home mortgage. You may use the Title 1 loan to buy either the home or the lot or both of them. The maximum loan amount which you can avail is
$ 48,600 for the home
$ 16,200 for the home lot, and
$ 64,800 for both home and lot.
For further details you may look here http://www.mortgagefit.com/mobile-homeloan.html
I've been to a FHA loan officer she said she cant help me because my score is 482.
You will more than likely have to do the following...
1. Pay off any open collections, judgements or liens. (medical collections are not important)
2. Get a secured credit card in the amount of $500.
3. Pay rent with checks only.
4. Pay all your utilities and miscellaneous bills on time for the next 12 months. You will need at least 3 things.
If you do all of the above and stay at a steady job you will more than likely qualify for FHA.
1. Pay off any open collections, judgements or liens. (medical collections are not important)
2. Get a secured credit card in the amount of $500.
3. Pay rent with checks only.
4. Pay all your utilities and miscellaneous bills on time for the next 12 months. You will need at least 3 things.
If you do all of the above and stay at a steady job you will more than likely qualify for FHA.
Agreed with above poster