Stephanie, Home Buyer in vaccaro

Can I get an FHA loan from any lender and does the home have to qualify for the loan?

Asked by Stephanie, vaccaro Tue Jul 28, 2009

Are the new rules making it easier for first time buyers to actually qualify for a loan. I was trying last year to buy but could not get approved for a conventional loan and I have score of 711. Is it a good time now?
thanks for your help.

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Answers

5
for FHA loans you can visit:
http://www.eaglenationwidemortgagetx.com/
0 votes Thank Flag Link Thu Jul 30, 2009
Stephanie,

In addition to the other great answers, know that not all banks and mortgage brokers are qualified to do FHA loans so be sure that you are being given appropriate referrals. As Anna suggested, Gwen Hoople and Rhoda Paul are just terrific. There are also other great mortgage brokers out there, just be sure they are qualified to do FHA.

Amazingly enough, out of the last 4 transactions that I have closed, all were FHA loans. Fortunately my clients have had no problems obtaining them, and EVERYONE of them closed in 30 days or less. As others have mentioned, the house does need to "qualify," meaning there are safety and habitability criteria that must be met; if the house requires a lot of repair, it could qualify for a FHA 203K loan, however that is a whole other can of worms. But at least you have options!

Best of luck,
Krista
Web Reference: http://www.kristashouse.com
0 votes Thank Flag Link Tue Jul 28, 2009
Consider talking to an experienced mortgage broker, who will have the most updated information in terms of requirements for an FHA loan. Holmgren and Associates, for example, have experience with FHA loans. Try Rhoda Paul and Gwen Hoople there at (510) 339-2121.
0 votes Thank Flag Link Tue Jul 28, 2009
Stephanie,

You have a really good score, and that should help you with your loan application.

The first thing you should do is speak to a lender, or lenders and get preapproved for a loan before you even start looking. The reason for this is so that you know going in how much you can afford to buy, and then you can determine what your comfor level is in terms of how much you'd like to put into a home.

After that, engage a realtor to help you with your search. Know that if you are looking at condos, not all condos are FHA approved.

Also note that when getting an FHA loan, it will likely take 45 days to close escrow.

Some properties especially REO or bank-owned properties may not accept FHA loans...so this is another consideration.

Finally, if you are a first time buyer, and depending on your income, you may qualify for the first time home buyer tax credit up to $8,000. However, the deadline to close escrow is November 30, 2009...unless the legislators approve an extension.

Here's a link to frequently asked questions that should help you
http://www.federalhousingtaxcredit.com/2009/faq.php

Good luck!
0 votes Thank Flag Link Tue Jul 28, 2009
You should try again for sure. Your credit score is very good but there are other criterias that the lenders look at as well. You most certainely can get an FHA provided you have everything documented as FHA is getting very strict. Yes, your home DOES have to qualify for an FHA or any other loan as lenders do not want to take risks at this time.

Kamal Randhawa
Broker
510-932-1066
0 votes Thank Flag Link Tue Jul 28, 2009
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