Home Buying in 60586>Question Details

elvia garcia, Home Buyer in Plainfield, IL

what is an FHA Loan and how can you get out of one if you have one?

Asked by elvia garcia, Plainfield, IL Wed Jul 10, 2013

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Google: FHA
Sell the home or refinance it.
0 votes Thank Flag Link Fri Jul 19, 2013
FHA is the Federal Housing Administration established by the National Housing Act of 1934 to provide long-term loans with higher loan to value ratios. FHA operates and administers many lending programs which it will underwrite mortgage insurance. They provide insurance on qualified properties and individuals.

If the loan is an FHA type loan it means that the mortgage is insured. There are different FHA loans available, for example the 203K FHA streamline and FHA 184 Native American financing. Each loan type has its different requirements

FHA loans require 3.5% down payment, also requires PMI (private mortgage insurance) for the life of the loan and usually requires a credit score of 620.

As a side note, while you may qualify with a 620 for an FHA loan, the mortgage companies have a layover which they may require you to have 640 or better depending on the company.

If you have one you need to sell the home or you can refinance as a conventional loan, if small enough a signature loan.

Good luck.
0 votes Thank Flag Link Wed Jul 10, 2013
I live in Plainfield, IL and you can call or email anytime. There are many ways to refinance away from an FHA, it depends on your situation if it is better to do another FHA loan with lower interest or go conventional. We can help as we deal directly with Fannie Mae and Ginnie Mae and fund the loans in our name. We aren't waiting around on the big banks to approve the deal. We staff our own underwriting department and get things done quickly. You can call me at (630) 639-1081 and I can give you a preapproval the same day and help you find a quality realtor in the area.

We can do: FHA, Conventional, USDA, VA, HARP, Interest Only, Home Equity, Fixed, and Variable. Find out which product is right for you by calling Brad at (630) 639-1081.

Brad Neumann
Sr. Loan Officer
Mobile Phone: (630) 639-1081
Email: bneumann@myccmortgage.com
3130 Finley Rd. Suite 510C
Downers Grove, IL 60515
Flag Tue Oct 8, 2013
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