How will the recovery bill affect FHA loans?
We'll be looking to buy a home next year. I have an excellent credit score (above 740) and my husband's is just a few points under 740 and we make a reasonable income but have a lot of student loan debt and some credit cards that we will be paying down aggressively over the next year.
We won't be able to come up with the 20% down for a home but we will have some money saved for a down payment. I was looking at the FHA site, which seems to have more relaxed standards for down payments. Will this change with the new recovery bill? I know that there is no more down payment assistance but can we still get a mortgage without the 20% down with all of this housing mess that we're in?
Hello, I am a real estate agent in Wantagh and pair up as a mother daughter team with my mother, who has been in the business for a number of years. I see you posted this blog nearly a year ago and was wondering if you were still interested in buying a home this year. We live in Seaford and are very active in the area's market. My name is Brittany and my number is 516-376-2580. My mother's name is Lucie and her number is 516-353-9965.
FHA loans seem to be solid still. Check with a local lender, however the current 3% down FHA is changintg to 3.5% down effective Jan '09.
Hi,
You will still be able to get FHA financing with 3% down payment or more. Your credit score is great; your income will have to be verified during the loan process. Pay off most if not all of your student loans and credit cards if possible before you apply for a loan, as that will impact negatively as for as the purchase price/loan borrowed is considered.
In regards to the down payment assistance programs, there is one that still exist today, Sony Ma, go to this website for more information.
http://www.nyhomes.org/
Good Luck
Barbara
Didn’t find what you were looking for? Ask a question!
Ask a question
|
|
|
|
|||||||||||
|
|
|
|
|
|
Fair Housing and Equal Opportunity