Financing in Garland>Question Details

Morgan, Home Buyer in Patterson, CA

I am wondering what are the qualifications for a FHA loan? Your credit, down payment etc. It would be for a HUD house. Thanks

Asked by Morgan, Patterson, CA Sun Oct 7, 2012

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4
Yes FHA only is for owner occupant loan.

Also the house has to have good structure, FHA will not lend to home with foundation or any sort of structure issues. Be sure the HUD home you are looking at can meet FHA requirement.

Dixon
Realtor
JP and Associate
http://www.findyourtexashome.com
0 votes Thank Flag Link Mon Oct 8, 2012
I agree with the owner occupancy statements below.

600 - 620 credit scores and steady job are the biggest hurdles.
If you have some hiccups on the credit, they need to be old.

Tom Burris
Mortgage Banker
DallasLoanGuy.com
(214) 763-4629 cell/text/nights/weekends(Really!!)
tomburris@dallasloanguy.com
Lending all across the entire Great State of Texas!!
NMLS# 335055
Search Dallas area MLS for FREE. No registration => http://www.ntreisinnovia.net/cgi-ntr/BR_login?0501134
0 votes Thank Flag Link Mon Oct 8, 2012
Hello Morgan,

Barbara brings up a good point. If you are looking to buy investment properties then you would look for a different type of loan.

If you intend to purchase the property as a new primary residence, then you would be looking at 3.5% or the purchase price for a down payment, preferably a 640 or above credit score with no foreclosures or bk's in the past 36 months, your payment can not be over 47% of your total before tax income and housing payment and all other debts can not exceed 57% of your total before tax income.

I hope this helps, please let me know if I can be of further assistance.

Joshua Lerette – Sr. Loan Officer
Residential Finance Corporation
813.402.4637
Josh.lerette@myrfc.com
0 votes Thank Flag Link Mon Oct 8, 2012
As a mortgage loan officer, I can finance a HUD home with an FHA mortgage ONLY for an owner-occupant. Since you are asking from California, my first question would be about your intention and ability to occupy the home. If not, you would be an investor. Conventional financing would require at least 20% down.

Barbara Coker
Licensed Mortgage Loan Officer
NMLS#228545
100% Home Loans All Over Texas!
0 votes Thank Flag Link Mon Oct 8, 2012
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