find a mortgage co to prequailify?

Deal Score0

We would like to prequailify for a mortgage loan so we know how mucxh or even if we can buy a home in North Platte, Ne.69101

have questions regarding FHA loans that can hopefully be answered ?

1) Are there income requirements ?
2)is there a maximum income?
(If you make 90,000 to 100,00 and the home is 429,0000)
3)Is there a minimum income
4)What other requirements are there ?
5)Is there a mortgage limit ?
6)What other types of fees are there for fha loans ?
7) If you have a good or excellent credit score can you still get a fha loan ?
8) if you have owned a home for more than 10 to 15 years ?
9) You own a second home that you rent out will that also be taken into consideration ?
10) All houses are eligible for FHA Loans ?

I am sorry if any of my questions seem to ne repeated
Thanks Bob

6 Comments
  1. Reply
    engineer50
    February 3, 2011 at 8:31 pm

    Look at local lenders – credit unions or regional banks.

  2. Reply
    DakB
    February 3, 2011 at 9:22 pm

    Ask a professional REALTOR if you don’t know anyone yourself. Try the link

  3. Reply
    The Guru Assassin
    February 3, 2011 at 9:59 pm

    Hey, I used to have my own mortgage company and I can tell you the industry has changed.

    1st: Get a “tri-merged” credit report with your FICA scores. This is the #1 thing any and all lenders are going to look at before they start the underwriting process.

    Rule of thumb is your “mid score” should be above 650.

    Example:
    Transunion Score = 735
    Equifax Score = 720
    Experian Score = 640

    Your Mid Score = 720

    2nd: Using what monthly costs show up on these reports you’ll want to calculate your DTI. DTI = Debt to Income ratio

    FHA (government subsidized loans) will only allow 45% (I think, it’s been a while)

    So if you have a solid FICA combined with a healthy DTI you can move onto the 3rd thing:

    3rd: LTV = Loan to Value Ratio

    This is the how much you’re going to put down on your house vs. the value of the home.

    FYI: Large, normal banks will require around 20%. Now that BC lenders (Ameriquest and those sorts) destoryed the housing market it’s back to people with money and credit.

    FHA will allow for only 3% down, but 1% of it has to be your own money.

    Make sure you check with the State/City/County etc of your new area and see if they have any “Gift Programs” for new movers and what not.

    I hope that helps.

  4. Reply
    lpsdianna
    February 3, 2011 at 10:31 pm

    Hello! I would suggest contacting a local real estate agent….they are great they will help you through the whole process step by step so that you dont even have to ask these questions. An agent will refer you to multiple mortage companies who theyve worked with before and trust, making your home buying process a piece of cake:)

  5. Reply
    real estate guy
    February 3, 2011 at 10:45 pm

    1) Are there income requirements ? NO, THERE ARE NO INCOME REQ EXCEPT THAT YOU NEED TO QUALIFY FOR THE LOAN

    2)is there a maximum income? NO ON INCOME. HOWEVER, THERE ARE LOAN LIMITS. IT DEPENDS ON THE AREA YOU ARE BUYING. (A LENDER CAN TELL YOU THE LOAN LIMITS)

    3)Is there a minimum income YES, YOU NEED TO QUALIFY FOR THE LOAN

    4)What other requirements are there ? INCOME AND CREDIT

    5)Is there a mortgage limit ? YES, IT DEPENDS ON THE AREA OF THE COUNTRY YOU ARE BUYING. ASK THE LENDER OR FHA HAS A CHART BY COUNTY. GOOGLE IT.

    6)What other types of fees are there for fha loans ? THERE IS MORTGAGE INSURANCE

    7) If you have a good or excellent credit score can you still get a fha loan ? SURE, IF YOU HAVE THE INCOME/DEBT RATIOS TO DO IT

    8) if you have owned a home for more than 10 to 15 years ? NOT SURE OF THIS QUESTION, BUT YES IF YOU QUALIFY INCOME/DEBT

    9) You own a second home that you rent out will that also be taken into consideration ? YES. THE NEW RULES ARE: IF YOU HAVE MORE THEN 30% EQUITY IN THE RENTAL, THE LENDER WILL COUNT THE RENTAL INCOME. HOWEVER, THEY ONLY COUNT 75% OF THAT INCOME. FOR EXAMPLE. IF THE RENT IS 1000 A MONTH AND THE MORTGAGE IS 900 A MONTH, YOU HAVE A 100 POSTIVE CASH FLOW. HOWEVER!!!! THE LENDER WILL ONLY COUNT 75% (1000 X 75% = 750 AS INCOME). YOUR MORTGAGE IS 900 – 750 = 150, WHICH WOULD BE COUNTED AS MONTHLY DEBT.

    HOWEVER!!!! IF YOU HAVE LESS THEN 75% EQUITY, THEN THE FULL 1000 IS COUNTED AS DEBT (JUST LIKE A CAR LOAN).

    10) All houses are eligible for FHA Loans ? NO. AND YOU REALLY NEED TO TALK WITH A LENDER ABOUT THIS. THERE ARE A LOT OF REASON WHY NOT. HOWEVER, MOST ARE.

  6. Reply
    Expert Realtor
    February 3, 2011 at 10:59 pm

    1. Yes, you must make a minimum of $ 1,000 per month gross, and must qualify for the amount you want to borrow.
    2. If you had an income that high, you wouldn’t be going FHA.
    3. Yes, 1,000 per month.
    4. Lots…see a loan officer for the full list.
    5. Yes, varies by county.
    6. Specifically to FHA…just the MIP
    7. Yes, but why would you? It is deterimental if you can go conventional.
    8. FHA is not a first time buyer program.
    9. A second home can actually be a detriment if you apply for an FHA loan.
    10. No.

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