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Create A BlogGeneral Rules for FHA Financing. |
Posted at Selling Northern NV by Joshua Talayka
Aug. 5, 2008
Here are a few rules when considering an FHA loan.
- You will need some credit. However, you can use credit reference letters from utilities companies if you have no credit history.
-If you have minor collections, it is possible to still get approved if you have other strong accounts on your credit report.
-Verified income. FHA will require proof of income. It can be very difficult to obtain FHA approval if you're self-employed, although not impossible. I would recommend meeting with a lender who uses FHA to see if you qualify.
-Although FHA property guidelines have eased up a little, major systems will need to be working at time of inspection (heating/AC, water turned on, electricity turned on, etc).
-FHA requires a down payment of 3% of the sales price. However this down payment can be obtained from several sources (borrowers' savings, family gift, grant/loan from First Time Homebuyer Assistance programs, Gift from Non-Profit Organization). On Oct. 1, 2008 the down payment assistance programs will no longer be available. If you need this down payment assistance, I would recommend meeting with a lender ASAP.
-FHA doesn't require any minimum credit score, but most lenders will require a minimum score of 500 - 580.
-FHA allows for manual underwriting if the FHA automated approval system doesn't approve the loan.
Should you have any questions or need further information, please don't hesitate to contact me,(775) 220-1630
Or visit my website at www.SellingNorthernNV.com
Joshua Talayka
Chase International
Office: 775 850 5900
Toll Free: 877 922 5900
Cell: 775 220 1630
Fax: 775 850 5901
985 Damonte Ranch Pkwy, Ste. 110
Reno, Nevada (NV) 89521
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