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Zeolilly, Home Buyer in Fort Worth, TX
Zeolilly answered:
What is the difference between FHA and Conventional Loan?
The downside is the MIP premium that now will be there for the life of the loan.

But you are forgetting one BIG advantage of FHA over conventional and in my opinion it is going to be ... more
0 votes Share Flag A moment ago Home Buying in Houston
Zeolilly, Home Buyer in Fort Worth, TX
Zeolilly answered:
Is a 30 yr fiixed FHA loan better than a 30 FIxed conventional loan?
If you have a low down payment and/or lower credit score, then go FHA. If you have 10% or more for a down payment and a score over 700, then go conventional. A conventional loan at 90% ... more
0 votes Share Flag A moment ago Financing in Indianapolis
Evagail, Home Buyer in Dallas, TX
Evagail answered:
Can first-time home buyers use co-signers for FHA loans?
Cosigning means that you are legally responsible if the the house mortgage does not get paid. It also means that if you buy again, you must be able to qualify for all the houses that yo ... more
0 votes Share Flag A few minutes ago Home Buying in 95834
Evagail, Home Buyer in Dallas, TX
Evagail answered:
What do you need to qualify for a FHA loan?
You will need a minimum 500 credit score or no score at all, provided you have alternate credit such as rent, car insurance, mobile phone plans, cable TV, Internet, etc, (please note th ... more
0 votes Share Flag A few minutes ago Financing in Atlanta
Evagail, Home Buyer in Dallas, TX
Evagail answered:
What is the minimum credit score required to get a mortgage loan?
FHA allows for borrowers with scores as low as 500 to qualify. We have offered programs like these for years. Now there is a difference between having a 500 or a 580 score and that can ... more
0 votes Share Flag A few minutes ago Financing in Little Haiti
Skylerasue, Home Buyer in Fort Worth, TX
Skylerasue answered:
FHA vs. Homepath - What are the major differences
HomePath is a great program but is limited to Fannie Mae owned homes. and is limited to lenders offering HomePath. HomePath offers the 3% down payment option, but typically others fees ... more
0 votes Share Flag A few minutes ago Financing in Pomona
Evagail, Home Buyer in Dallas, TX
Evagail answered:
Any lenders that do FHA loans with a low credit score?
FHA allows for borrowers with scores as low as 500 to qualify. We have offered programs like these for years. Now there is a difference between having a 500 or a 580 score and that can ... more
0 votes Share Flag A few minutes ago Home Buying in 73162
Skylerasue, Home Buyer in Fort Worth, TX
Skylerasue answered:
Can you purchase a homepath home with a fha loan?
First off, is the home a Bank owned property, in this case, owned by Fannie Mae? If not, then Homepath is not an option, as it's only available for Fannie Mae owned homes. If the apprai ... more
0 votes Share Flag A few minutes ago Home Buying in Pembroke Pines
Robinritaa, Home Buyer in Dallas, TX
Robinritaa answered:
Does FHA loan require you to work for the same employer for 2 years?
FHA requires one month worth of paystubs. I would also probably recommend getting a verification of employment from her employers stating how much her annual salary is. If you choose ... more
0 votes Share Flag A few minutes ago Financing in Michigan
Robinritaa, Home Buyer in Dallas, TX
Robinritaa answered:
How long does the owner occupancy rule apply for first time buyer FHA loan? What if I need to move due to job and need to rent my house?
My advice was to contact your lender (not FHA) and ask them to tell you their policy regarding renting out your home after you purchase it. There really are no FHA guidelines that spell ... more
0 votes Share Flag A few minutes ago Financing in Columbus
jonak500, Home Buyer in New York, NY
jonak500 answered:
http://visualizing.org/visualizations/live-indianapolis-500-live-2015
http://visualizing.org/visualizations/live-indianapolis-500-live-2015
0 votes Share Flag A few minutes ago Home Buying in 10123
Skylerasue, Home Buyer in Fort Worth, TX
Skylerasue answered:
Should I refinance and convert my FHA loan to conventional so I can get rid of MIP (PMI)?
"The process to decide whether to refinance is usually fairly basic. You need to answer three questions: 1)How much will it cost?; 2)How much will you save?; 3) How long are you likely ... more
0 votes Share Flag A few minutes ago Financing in Orange
Robinritaa, Home Buyer in Dallas, TX
Robinritaa answered:
what is the minimum amount of a home loan that you can borrow ? (whats the lowest amount you can borrow).
Normally the big lenders start at $50,000 loans. If you want one smaller you need to find a lender that holds loan in house or will loan a smaller amount. You will need to call some len ... more
0 votes Share Flag A few minutes ago Home Buying in Southfield
jonak500, Home Buyer in New York, NY
jonak500 answered:
http://visualizing.org/visualizations/live-indianapolis-500-live-2015
http://visualizing.org/visualizations/live-indianapolis-500-live-2015
0 votes Share Flag A few minutes ago Home Buying in 10123
Robinritaa, Home Buyer in Dallas, TX
Robinritaa answered:
For an FHA loan, What documents are required with the application? W2s or whole returns? bank statements? How many? and what is the min down payment?
Pre-Qualifying for a loan is the first step in the buying home unless you are a cash buyer. It is also important to work with a local mortgage broker that is familiar with all of the lo ... more
0 votes Share Flag A few minutes ago Home Buying in 15001
Skylerasue, Home Buyer in Fort Worth, TX
Skylerasue answered:
Is it worth it to refinance a fha to conventional loan for only a half a point? I'm potentially saving 200 dollars a month from paying no MI.
It is possible. Whether or not it makes sense would depend on the loan to value and when you closed on the FHA original loan. From the sounds of it you do not have "life of the loan" ... more
0 votes Share Flag A few minutes ago Financing in 97132
Wilimagima, Home Buyer in Fort Worth, TX
Wilimagima answered:
Could having a wood stove as the only source of heat result in a denial for our conventional loan on the house we are buying?
That being said, it is your responsibility as a homeowner to inspect the house and be willing to close with it's current condition. You should have realized that there was no heating un ... more
0 votes Share Flag A few minutes ago Financing in 94550
Wilimagima, Home Buyer in Fort Worth, TX
Wilimagima answered:
Are there any restrictions on the types of properties that can be bought with an FHA Loan, In Staten island?
When viewing a property, an appraiser is required to note those repairs necessary to make the property compliant with FHA's minimum property requirements. The appraiser determines wheth ... more
0 votes Share Flag A few minutes ago Home Buying in 10314
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