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FHA Loan

Does anyone know what the requirements are for an FHA Loan? We would like to get one of these when we are ready to purchase our home. Any tips would be helpful.

Thank You,

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Anonymous

Asked by Anonymous at 4:51 PM on Jul. 6, 2010 in Money & Work

Answers (6)
  • The home you are considering buying must pass FHA guidelines, that means the house must pass inspection, appraisal. you can go to the FHA website and take a look and see what you find.

    www.fha.gov

    Good luck!!!
    ShelbysHope

    Answer by ShelbysHope at 4:54 PM on Jul. 6, 2010

  • One of the biggest challenges people sometimes face with FHA loans are the more stringent requirements for the inspection. IE: the roof has to have at least 5 years left, everything has to be done to code, etc etc--whereas with a conventional mortgage, the buyer can pick/choose what they're comfortable with.

    Mortgage loan officers will often put on "First Time Home Buyer" seminars (my mom is a loan officer and does this. She also does pre-mortgage app counseling to review finances, explain the process, and offer guidance for preparing to do a loan. Call around, you'll likely find someone who would be willing to sit down and explain the ins and outs. Plus, I'd recommend "shopping around" and interviewing several loan officers. You have to work with these people a LOT when you're buying a home. They're also a good source of recommendations for good realtors.
    BuddyRoo

    Answer by BuddyRoo at 4:57 PM on Jul. 6, 2010

  • Well said buddyroo!!!
    ShelbysHope

    Answer by ShelbysHope at 5:00 PM on Jul. 6, 2010

  • If you are buying a decent house in a decent area it's likely you can get an FHA loan on a house. Facts are that when you go to buy a house you will have to pay for or have the seller pay for an inspection if you are borrowing money. The people will then have the option to fix what is wrong if it will not pass for an FHA loan or they can not sell it. My son looked into it and they said with good credit he could get in with 3 1/2 % down plus closing costs. Talk to a realtor and get the facts for your area.
    itsmesteph11

    Answer by itsmesteph11 at 5:05 PM on Jul. 6, 2010

  • You have to have a minimum of 3% downpayment for an FHA loan. You cannot buy a fixer up, you cannot buy a trailer, you cannot buy a mobile home, you cannot buy a manufactured home. Your home has to meet the FHA requirments and meet state/country code. Go to the FHA official website for more details.
    JazzlikeMraz

    Answer by JazzlikeMraz at 5:06 PM on Jul. 6, 2010

  • You will have to have a 3.5% down payment, this can be a gift from an immediate family member (parents, sister, brother, etc). You can buy a manufactured home (double wide), just need to find a lender that will do them, but it must be on it's own land. The house will be inspected by an appraiser but it is not as awful as it sounds most homes will pass FHA. If you have any other questions send me a message I have been in the mortgage business for 12 years.
    Kari126

    Answer by Kari126 at 6:26 PM on Jul. 6, 2010

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