1.A Low Down Payment â€“ FHA Mortgage Loans only require a 3.5% down payment. And what makes that even more attractive is that it can be a gift from a relative. Do you have a parent or sibling who would â€œGiftâ€ you some money for a down payment? If so, it could be time to apply for an FHA Mortgage Loan.
2.Flexible Credit Qualifying â€“ HUD did NOT set a credit score requirement for qualifying for an KY FHA Mortgage Loan. However many lenders in the market today have drafted â€œOverlaysâ€ that set minimum credit score requirements. Most lenders like to see a minimum 620 credit score, but donâ€™t get discouraged if you are not there yet. If you are close to 620, it is often just as simple as reviewing your credit to determine how to quickly raise it. If you are not close to 620, ask your FHA Mortgage Loan Originator if they have a program for you. Chances are, there is! Bankruptcies and prior foreclosures do not automatically disqualify you either.
3.The Seller Can Pay Your Closing Costs â€“ Thatâ€™s right. You need to have a quality Realtor who will help you negotiate not only the best price for the home, but also that the seller will pay your closing costs. HUD allows Kentuckyt FHA Mortgage Loans to have the seller pay up to 6% of the purchase price. Sounds good so far, a down payment gift and seller paying closing costs!
4.Flexible Income Qualifying â€“ The standard for income qualifying ratios is 31/43 which means that up to 31% of your monthly income can be used to pay your monthly household mortgage payment; and up to 43% of your monthly income can be used to qualify for ALL monthly expenses. Those ratios can go up to 55% if you have good credit and a good income history allowing you to qualify when others might not.
5.Qualify Without Your Spouseâ€™s BAD Credit â€“ This is a tricky one but it is also not well known. You can effectively qualify for an Kentucky FHA Mortgage Loan without your spouseâ€™s Bad Credit. FHA will look at your spouseâ€™s credit but cannot decline your loan due to your spouseâ€™s debt or credit score. So if you have a spouse with a crummy credit profile, you should take a look at Kentucky FHA Mortgage Loans to see if it will work for you.
I would like to bring a buyer to your home. Just a few questions if I may.
What is the address?, How much are you asking for your home?, Are you willing to take back a mortgage? are there any current outstanding liens &/or mortgages on the property? Would you be willing to do a land contract, lease/option. Is the home currently vacant? If not is it rented or are you still living there and if still living there what time frame were you thinking as to giving possession of the home to a buyer?
I know..lots of questions, but these are what a buyer is going to ask me so I need to know before hand. Thanks!
Jeffrey Paeltz, 614.288.0423 or email answer and /or comments to firstname.lastname@example.org.