What are the requirements to qualify for a FHA loans? Can I get a FHA loans if it's a foreclosure property?

Asked by Mc, Houston, TX Sat Mar 21, 2009

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Tommy Burris, Mortgage Broker Or Lender, Baton Rouge, LA
Mon Mar 23, 2009
620 credit score and a good pay history(especially the last 12 months) and you have a good shot at FHA.
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Dana Schuster, Agent, Slidell, LA
Sat Mar 21, 2009
i have been told that FHA also now requires a 620 credit score.
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Janine Love, Agent, The Woodlands, TX
Sat Mar 21, 2009
Also, the home has to be up to FHA standards. If the home really needs a lot of work, you may have to go FHA 203k which allows repairs and certain allowances.
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Kathy Weber, Agent, Murrieta, CA
Sat Mar 21, 2009
Yes you can get a loan if it's a foreclosure property. Of course, qualifying is a must!
Here's a few new guidelines for FHA:
*New FHA Loan Amounts: Need to check with a local lender in your area to find out maximum's. (varies)
*3.5% down payment required
*Gift Money OK
*Non-Occupying Co-Borrower's are allowed. (Not Investor's)
*Low Mortgage Insurance (1.75% MIP/.55%MMI) (if 20% down)
There are several other guidelines that are "new" for FHA - i.e. non-traditional credit, manufactured homes, etc.
It would be best to contact a reputable lender to go through the whole process with.
Based on your FICO, employment, owner occupied, etc., etc...alot more information would be required.
Definitely worth looking into. Great market for first time home buyers!
Good Luck!
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