Posted on: 07th Feb, 2011 07:33 pm
Hello,
I own a home in Texas with a sub prime loan but relocated to Oklahoma for my job. I could not sell my house in Texas so I rented it to a couple with a signed lease. I currently rent a home in OK and my landlords have divorced and want us to buy the house for what they owe. We checked to assume but they have a native american loan and we do not meet the requirements. I would like to buy with FHA, have a mid 700"s score and make very good money so I am not worried about the debt to income ratio but am worried about the precent they will allow me to finance on purchase. Their application states second home finances at 80%. Is this correct even if it will be my primary residence? thanks
I own a home in Texas with a sub prime loan but relocated to Oklahoma for my job. I could not sell my house in Texas so I rented it to a couple with a signed lease. I currently rent a home in OK and my landlords have divorced and want us to buy the house for what they owe. We checked to assume but they have a native american loan and we do not meet the requirements. I would like to buy with FHA, have a mid 700"s score and make very good money so I am not worried about the debt to income ratio but am worried about the precent they will allow me to finance on purchase. Their application states second home finances at 80%. Is this correct even if it will be my primary residence? thanks
Hi seagulldk!
Welcome to forums!
Normally FHA loans are available at a down payment of 3.5% - 5%. However, as this is your second home, the lender may ask you to provide a down payment of 20% and he will offer you a mortgage for the rest of 80%.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
Normally FHA loans are available at a down payment of 3.5% - 5%. However, as this is your second home, the lender may ask you to provide a down payment of 20% and he will offer you a mortgage for the rest of 80%.
Feel free to ask if you've further queries.
Sussane
This is your primary home in Oklahoma.
Is the mortgage on the property in Texas an FHA mortgage?
Is the mortgage on the property in Texas an FHA mortgage?
Thanks for the response. My home in Texas is not an FHA, it is a sub prime loan.
As long as you qualify carrying both mortgages, the minimum down payment for FHA mortgages is 3.50% and you would be eligible for that low down payment.
The maximum FHA mortgage is probably $271,050 in all counties in Oklahoma. Hopefully, your purchase price is lower than that so you can do the FHA mortgage with the minimum down payment.
The maximum FHA mortgage is probably $271,050 in all counties in Oklahoma. Hopefully, your purchase price is lower than that so you can do the FHA mortgage with the minimum down payment.
Awesome, thanks for the advice. I will kepp you updated if any issues surface.
Thanks
Thanks