FHA loans

[Smurfy]

Anyone know anything about FHA loans? How they work? How you can qualify? A link maybe? Thanks

 

[big4life]

Here's a link that might help you.

http://www.hud.gov/offices/hsg/sfh/buying/buying.cfm

 

[Raina]

I got one last Friday. It means that now that I have a purchase agreement signed (as of about 35 minutes ago) an FHA inspector goes out to the house to make sure there aren't any major code violations or broken windows etc and then the loan is fully approved. I locked into a 4.123% mortgage this morning. My closing will be mid-March.

 

[gonelifting]

I locked into a 4.123% mortgage this morning. My closing will be mid-March.

Is that a 30 year mortgage? oe 15? and How can you get a "locked" loan before you find the house?

 

[gonelifting]

ok I just saw that. disregard. lol

 

[velvett]

Anyone know anything about FHA loans? How they work? How you can qualify? A link maybe? Thanks

FHA loans are good for up to a maximum mortgage amount and you can put down as little as 3% - section 203b. Details vary by state.

Big put up a good link.

http://nt.mortgage101.com/partner-scripts/fhaloans.asp?p=cmla

 

[Raina]

I put down 22% but I didn't have to.

 

[Smurfy]

awesome thanks you guys.

 

[Bonkme2]

it's a little tougher to find people to cooperate with an FHA inspector. I understand that they are incredible picky compared to a regular home inspector, and most home sellers aren;t willing to make all the changes that are necessary to seal the deal.


If money is the issue, I just got a mortgage 6 months ago from Coldwell Banker with 3% down.