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Fha requirements on the credit requirements page it says its 580 or higher is 3.5% down payment and under that is 10% well I just tried to apply online and my score is high enough but then tells me I have to have a 620 to qualify now? What is going on it don't make sense. Nor fair. My fico score is 588. I don't understand.
Best Answer:
The reason for the higher FICO score requirement is that participating FHA lenders may have added requirements. FHA loan minimums for FICO scores are just that, minimums. The lender is free to require a higher minimum FICO score as long as that... (more)
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Joyce Waller
a day ago
Credit score around 475, bankruptcy discharge November 2016 need help raising credit score.
Best Answer:
Borrowers are required to wait a minimum of 12 to 24 months depending on circumstances before they can apply for a new FHA loan after bankruptcies. This waiting period begins when the bankruptcy is discharged, not the date it was filed. For... (more)
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Pam Washington... Asked 1 more question
2 days ago
Tax liens and loan qualifications
Best Answer:
Assuming the tax lien is not a delinquent federal tax lien (borrowers with delinquent federal tax are not eligible for an FHA loan) there minimum is three months of on-time payments. Borrowers are required to submit documentation of the payment plan... (more)
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Pam Washington... Asked 1 more question
2 days ago
Gift verification
Best Answer:
Are you talking about gift funds for a down payment? For FHA loans the source of all gift funds must be verifiable by the lender. In all likelihood you will need some form of documentation that the lender can use to verify the source of gift funds,... (more)
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We are planning to buy a 2 unit property. Do we qualify for FHA loan with 3.5 percent down payment? Planning to by it with my girlfriend as co-borrower. Do we qualify for loan? We both have good credit score.
Best Answer:
FHA loans for single family loans require a 3.5% minimum down payment which is separate from closing costs, earnest money, etc. Your ability to qualify for an FHA mortgage depends on your credit scores, payment history, debt to income ratio and other... (more)
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Neil Petrocelli
10 days ago
Basically my home is valued at $405K, After closing costs and around 10K cash out, I will be borrowing around $345K. If the value of my home increases whereby my LTV goes to around 75-77%, can't I get the PMI waved? The company said no? Is this true?
Best Answer:
FHA loan rules for Mortgage Insurance Premiums changed and now most FHA new purchase loans require MIP for either 11 years or the lifetime of the loan depending on circumstances. Refinancing may make the borrower eligible for a refund on Up Front MIP... (more)
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Michelle TROTTER
10 days ago
I was denied an FHA home loan by a lender.
Best Answer:
If you were denied by an FHA lender, you should have received a formal denial letter. We would need to know why you were denied. But unless there was some misunderstanding on a unique situation, the result will be the same with another lender.
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Anonymous User
11 days ago
I took a higher paying job each time in the same industry.
Best Answer:
The answer is Yes, you still qualify. If the borrower has changed jobs more than three times in the previous 12-month period, or has changed lines of work, the lender must verify and document the stability of the borrower’s employment Income. The... (more)
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Anonymous User
12 days ago
I am in the market for a new home and want to know if I can borrow the money for a down payment.
Best Answer:
No they do not. FHA rules for down payments include a list of "acceptable sources" of the down payment. This includes cash from savings and checking accounts, cash saved at home and other types of accounts. Other types of funds include... (more)
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Anonymous User
12 days ago
I have an existing FHA-insured Mortgage and want to know if I can get another FHA insured mortgage.
Best Answer:
A borrower may be eligible to obtain another FHA insured loan without being required to sell an existing property covered by an FHA insured mortgage if the borrower is: 1) Relocating for an employment related reason and is in an area more than 100... (more)
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