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FHA LOANS
#1
FHA Loans are extremely popular due to the 3.5% down payment requirement, low credit score requirements, high debt to income ratios, prior bad credit allowance, and other lenient features such as able to get 100% gift funds and able to add non-occupant co-borrowers. Here is an article on why FHA Loans are so popular.

http://gustancho.com/fha-loans-popular/

Smile Smile Smile Smile

 
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#2
Does a FHA loan require mortgage insurance through out the whole life of the loan?
 
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#3
Yes. For 30 year fixed rate FHA loans, the annual mortgage insurance premium is required for the life of the loan. For 15 year fixed rate FHA Loans, you can cancel the FHA Mortgage Insurance Premium after 11 years if your loan to value reaches 78% LTV. Many mortgage loan originators do not know this.

PLEASE READ THIS ARTICLE ON THE BENEFITS OF 15 YEAR FIXED RATE FHA LOAN VERSUS 30 YEAR FIXED RATE FHA LOAN

http://gustancho.com/15-year-fha-loan-be...s-30-year/

 
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#4
what are the qualifications for a house to be approve for a FHA loan?
 
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#5
For 3.5% down payment mortgage loans:

580 FICO AND 620 FICO CREDIT SCORES
31% MAXIMUM FRONT END DEBT TO INCOME RATIOS 43% MAXIMUM BACK END DEBT TO INCOME RATIOS

620 FICO CREDIT SCORES AND HIGHER
46.9% FRONT END DEBT TO INCOME RATIOS
56.9% BACK END DEBT TO INCOME RATIO

UNDER 580 FICO CREDIT SCORES

10% DOWN PAYMENT

 
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#6
What is a streamline FHA loan?

How does the FHA back to work loan program works?
 
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#7
FHA Back to Work Extenuating circumstances due to an economic event shortens the waiting period after a bankruptcy, foreclosure, deed in lieu of foreclosure, and short sale to a one year waiting period. FHA Back to Work Extenuating circumstances due to an economic event mortgage loan program are all manual underwriting and the only way you can qualify for the Back to Work program is if you were terminated from your employer or the employer went out of business and due to being involuntarily terminated, that was the cause that triggered your bankruptcy, foreclosure, deed in lieu of foreclosure, and short sale. You need to have had great credit with no late payments prior to the economic event, your credit dropped during the economic event, and you credit needs to be re-established after you have obtain a new full time job. You cannot have been late on any monthly credit after you have re-established yourself. Here is an article on the FHA BACK TO WORK EXTENUATING CIRCUMSTANCES DUE TO AN ECONOMIC EVENT:

http://gustancho.com/fha-back-to-work/

 
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#8
Excellent thread. Smile
 
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#9
As of today, FHA has reduced the FHA mortgage insurance premium from 1.35% to 0.85%.
 
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#10
FHA LOANS are by far the most popular mortgage loans today for first time homeowners as well as veteran home buyers.

 
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