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If you are a first-time homebuyer, have less than perfect credit, or simply just do not have a 20% down-payment, then an FHA loan may be for you. We know everything there is to know about FHA loans. While FHA has been the hot and “new” topic for the past [...] (via MND) FHA to Raise FICO Requirements, Reduce Seller Concessions, Increase Premiums and Downpayment The Federal Housing Administration (FHA) is not, as some have claimed “the next subprime,” according to remarks prepared for presentation to congress this morning by Housing and Urban Development Secretary Shaun Donovan. Secretary Donovan told members of the House Committee on Financial Services that [...] Here’s a quick guideline check for individuals that are currently in a Credit Counseling Program. 1. Must be in the plan for at LEAST 12 months 2. Must show history of payments for the 12 months, along with all creditors that are included 3. Must get permission from the counselor to enter into a new mortgage In a way, [...] In an FHA transaction, if there is a family member acting as the Realtor on the subject property, he/she can give their commission to the borrower for funds to close. |
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