What is the criteria for getting a FHA loan. Is it better than getting a regular loan from bank. I went to bank and was told need FHA loan. Why?

Asked by Les, bklyn Mon Mar 21, 2011

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7
Anna M Brocco, Agent, Williston Park, NY
Wed Mar 23, 2011
See link for helpful information...
http://www.fhaoutreach.gov/FHAFAQ/
0 votes
Charles D'Al…, Agent, Brooklyn, NY
Wed Mar 23, 2011
Les you can also try a 203k if you find a Brooklynhome that is in a great location that needs a little work ! Check it out below!
0 votes
Mitchell Fel…, Agent, Brooklyn, NY
Mon Mar 21, 2011
Dear Les:

Sometimes buyers have no choice but to go FHA because it allows them to qualify for a higher loan and to also come in with a lower down payment. Other times it may be due to the property itself. Without knowing more details it is hard to say what type of loan would be best for you.

If your buying in New York State, you may want to speak to your mortgage banker to see if you could go for a SONYMAE loan which may benefit you even more than an FHA loan. Also make sure you are fully aware of the closing costs you will incur and if you need to get mortgage insurance.

If I can be of further assistance please let me know, I work with a bunch of bankers who offer very diverse mortgage products. Either way, good luck!

Sincerely,
Mitchell S. Feldman
Associate Broker/ Director of Sales
Madison Estates & Properties, Inc.
Office: (718) 645-1665/ Cell: (917) 805-0783
Email: MitchellSFeldman@aol.com
0 votes
Charles D'Al…, Agent, Brooklyn, NY
Mon Mar 21, 2011
Check this out . Click the link below!
0 votes
Elva Wormley, Mortgage Broker Or Lender, San Jose, CA
Mon Mar 21, 2011
Hi Les,

I don't know your situation, but some of the reasons for an FHA vs. conventional are:
1. Lower FICO scores allowed
2. Only 3.5% down payment
3. Manual underwriting allowed
4. Higher debt-to-income ratios approved through FHA Total Scorecard
5. Better pricing in most cases
6. Mortgage insurance

Best wishes,

Elva Wormley
Cobalt Financial Corporation
0 votes
Rocco Guercio, Mortgage Broker Or Lender, Massapequa, NY
Mon Mar 21, 2011
Hi Les,

An FHA loan allows someone who may not have a large down payment or may not have excellent credit, to obtain a mortgage. If you are interested in finding out what other options are available to you or if you need more information about FHA mortgages, feel free to contact me. You can reach me directly at 347-462-4210.

Good Luck!

Rocco Guercio
Loan Officer
0 votes
Dallas Texas, Agent, Dallas, TN
Mon Mar 21, 2011
Many instances FHA is less expensive of a down payment of approx. 3.5%

Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
972-699-9111
http://www.lynn911.com
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