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Yes, you can purchase a Short Sale with an FHA loan. There are no restrictions on the type of financing in the purchase of a short sale.
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Can you get sellers concession on short sale?
Yes, but the amount of the concession depends on the type of short sale. An FHA Short Sale (under the HUD Pre-foreclosure Sale Program) can include up to a 1% seller concession only if the Buyer is utilizing FHA financing in the purchase. A HAFA Short Sale will allow a seller concession, but the amount depends on the proposed net proceeds to the mortgage servicer.
Where can you go to obtain a loan threw the FHA?
When you get an FHA loan it is not funded directly through FHA. FHA is essentially an insurer for loan. So the Mortgage Insurance paid on an FHA loan is an insurance policy for the company giving you the actual loan. Most any bank or lender can give you an FHA loan.
How do I find out if I'm eligible for a FHA loan?
The requirements for an FHA loan can be found here: http://fha.mortgageloanplace.com/fha_who_qualifies.html. Simply fill out a short form and you will be told if you meet the requirements.
Can you refinance fha loan if your house is for sale?
Many lenders will not offer a loan if the property is actively being marketed for sale. Some require the property to be off the market for 3 months.
Does one have to be a first time home buyer to qualify for an FHA loan?
No, you do not have to be a first time homebuyer to qualify for an FHA loan; however, a first time home buyer is often better suited for a FHA loan as the government insures the loan which gives the buyer a lower interest rate and a lower down payment requirement. You can read more about FHA loans here: http://www.lendingtree.com/mortgage-loans/advice/mortgage-types/fha-loan-eligibility/ Yes, you must be a first time home buyer to qualify for an FHA loan. FHA loans are designed to help first time home buyers to afford their purchase.
Can you get sellers concession on short sale?
Yes, but the amount of the concession depends on the type of short sale. An FHA Short Sale (under the HUD Pre-foreclosure Sale Program) can include up to a 1% seller concession only if the Buyer is utilizing FHA financing in the purchase. A HAFA Short Sale will allow a seller concession, but the amount depends on the proposed net proceeds to the mortgage servicer.
On a pre sale fha loan which locks should be changed?
The secondary door.
How much can you get on an fha loan?
The FHA programs are a great way to purchase a home,with limited funds or credit. The limits for an FHA loan will vary from state to state as the cost of rea estate changes with location.
Where can you go to obtain a loan threw the FHA?
When you get an FHA loan it is not funded directly through FHA. FHA is essentially an insurer for loan. So the Mortgage Insurance paid on an FHA loan is an insurance policy for the company giving you the actual loan. Most any bank or lender can give you an FHA loan.
How do I find out if I'm eligible for a FHA loan?
The requirements for an FHA loan can be found here: http://fha.mortgageloanplace.com/fha_who_qualifies.html. Simply fill out a short form and you will be told if you meet the requirements.
Can you refinance fha loan if your house is for sale?
Many lenders will not offer a loan if the property is actively being marketed for sale. Some require the property to be off the market for 3 months.
Does one have to be a first time home buyer to qualify for an FHA loan?
No, you do not have to be a first time homebuyer to qualify for an FHA loan; however, a first time home buyer is often better suited for a FHA loan as the government insures the loan which gives the buyer a lower interest rate and a lower down payment requirement. You can read more about FHA loans here: http://www.lendingtree.com/mortgage-loans/advice/mortgage-types/fha-loan-eligibility/ Yes, you must be a first time home buyer to qualify for an FHA loan. FHA loans are designed to help first time home buyers to afford their purchase.
Can you get a FHA loan on a second home?
Yes you can obtain a FHA Loan on a second home as long as you meet the FHA requirements.
What are the benefits of an FHA home loan?
One of the benefits of an FHA loan is that the payments are the same for the duration of the loan. One can have a low credit score and still be able to obtain an FHA loan.
How do I obtain an FHA loan?
Almost anybody can get an FHA loan. There are no income limits the FHA loan is a federal assistance mortgage loan in the United States insured by the Federal Housing Administration.
Where can I find a fha loan that will help for someone who does not make enough to purchase a house?
Your first step is to contact your loan officers who should be able to hep with FHA loans. These professionals will help you locate housing that you can afford.
FHA Mortgage Loan Calculator?
FHA Mortgage Loan CalculatorUse this calculator to determine the maximum FHA mortgage that would be allowed for your home purchase and an estimate of your required downpayment and closing costs. This calculator is designed to determine the mortgage FHA limit for a particular purchase, not the maximum allowed for any home in your state and county. To determine the maximum purchase price for your area you should use https://entp.hud.gov/idapp/html/hicostlook.cfmat the HUD.gov. Then use the calculator below to determine the required downpayment and FHA mortgage limit.-
