Question:

Has anyone used FHA (The Federal Housing Administration) for a loan when purchasing a home?

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I would like to buy a townhome and my credit is not the best- It has a fair credit rating. What does the FHA look for and what was your experience using them? Please be specific. Thanks!

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  1. Hey Nikki, FHA is an awesome program! That partnered with the DPA (down payment assistance) programs can really help people get into the house they want and can afford. I'd love to go over your options with you. If you'd like me to run your numbers for free I'd be glad to do it for you. Just shoot me and email and we can take it from there. =) lets get you in a house


  2. FHA looks at your credit rating , at your income and expenses.  I had an FHA loan for 25 years and had no trouble.  But I never was late on a payment .  I was young, a single mom.  but I had a good job and I was lucky FHA took me on as a credit risk.  I'm not sure, in the awful housing crises, what would happen to be today if I tried to get a loan

  3. I have to disagree with ed a little on this.  Fha is more liberal with both credit scores and dti ratios, (debt to income).  While ed is correct about the fees, most of it is tax deductible and it lets you get into a home unlike conventional that is shutting most people out right now.  You would want to check with a local tax professional, but 2/3 of fha fees can be written off.  They also require less down for a down payment.  Bottom line is there is no perfect mortgage solution, try as we may, but remember it's your money, your future and your happiness here, if fha can help you achieve your goal of home ownership, and you can be shown great tax benefits to assist you in that first year of ownership, you should at least consider it.  And don't be fooled by that new law the dope just signed.  That 7,500 that everyone is talking about is not a credit, it is an interest free loan that is repaid out of your taxes.  for more info for being a home owner, go to www.fha.com, fha.gov and naca.com.  The last is for low income housing, but it has great info for new home owners and how to prepare, best wishes and feel free to ask questions

  4. The FHA loan is the only option for people with bad credit.  FHA accepts bad credit.  You pay for it, tho.  FHA has more fees, higher interest rates, and more silliness ( i don't hate FHA, i've gotten 2 of them).  Since you have no options, get an FHA loan and move into a house in 30 days. /

  5. At first,you may collect some infomation by inputing the relevant keywords in search engine,if you getgood luck there,then your problem is solved.nevertheless,if you could not find the ideal answer for your question by doing that,here is the resource i suggest.http://home-mortgage.online-tips4u.info/...

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