Question by michelle: What are the requirements to qualify for a FHA loan in Virginia? I would like to purchase my first home soon. I only have 10% for a down payment, so I figure that FHA would be my best option. Does anyone know how FHA works, or what their requirements are to be approved? Can any lender give me an FHA loan? Any and all help would be greatly appreciated. Best answer for What are the requirements to qualify for a FHA loan in Virginia?:
Answer by Thai guy
3-5% towards closing cost �?� with 10% down u will still have to pay private mortgage ins. because its not 20% �?� fico score above 580 �?� a pre approval from your bank
Answer by Shahid Gautam
The FHA loan program is an outstanding choice for first time homebuyers because FHA loan guidelines require only 3% cash into the transaction and the FHA Loan guidelines are significantly more forgiving of past credit issues. We will look specifically at the last two years of your credit history. If there are some credit problems, we may be able to overcome them with sufficient explanations and supporting documents of why the issues occurred. Never rule yourself out of qualifying for FHA loan because of credit, prequalify and have me review your credit. I have more information on FHA credit requirements available
www.TheEquityFund.com FHA Guidelines, Rates, Requirements explained. Do you qualify for the lowest rates in 60 years? The answer may surprise you.
http://leafgardenpress.com/ FHA Loan Requirements
In 2010 HUD issued updated and revised processing requirements for recertifying FHA approved condominium projects that would expire in December of that year. In the same document, HUD mandated that all condo projects, which received approval prior ... Many condos not eligible for FHA loans
If you have been trying to get a home loan with a traditional mortgage and have been unable to do so, you will want to look at applying for an FHA home loan. The requirements are not as strict and you need less money for a down payment. While these are probably the most important issues for you, there are a set of guidelines that must be followed to qualify. This article will give you the basic requirements. The actual lender may have some additional qualifications that they want to see.
The home that you are purchasing must be for your personal use. Acquiring a loan for an investment property is not allowed. When you are applying for the FHA loan you will be required to produce a social security number that is valid. This type of loan is specifically for homeowners, to help people achieve the dream of living in their own home.
You will be eligible for an FHA loan if you are a legal resident of the United States.
There is no stipulation that you have to be a citizen of the United States, just that you are living in the country lawfully. If you are not of legal age to sign a contract such as a mortgage you will be denied the loan.Not every bank or lending institution can offer FHA loans. You will need to find one that is qualified to do so. Once you have done that you can expect to provide the following information: income verification, your assets, credit history and the liabilities you have. Your FICO score will be attained for the purpose of the loan, but it is not as critical to achieving success.
There are no income limits that would stop you from getting an FHA loan. However, you must show that you are able to pay the monthly mortgage payments.
This is why the proof of your income is needed.While the FHA lender does look at FICO scores they do not have to be a high as a traditional loan requires. The laws recently changed with regard to the score needed. The typical score they would like to see is 620 plus, but considerations can be made if you have had a good past payment history.
If you have had a bankruptcy in your past, then you must wait at least a year before applying for an FHA loan. It is considerably longer if you try for a traditional 30 year fixed loan.
Many first time buyers won't have a credit history either because they are young or have paid cash for everything. This should not deter you from applying. When you have a good rental history, paid your bills promptly and perhaps had a chance to put some savings aside you have an excellent opportunity to get the loan.
This article has described how easy it is to meet the requirements of an FHA loan. All you need to do now is find the lender that you wish to work with and fill out your application.
Find More FHA Loan Requirements - Here's What You Need to Do to Qualify For an FHA Home Loan Issues
