Comments on: WTF is FHA http://www.howtobepoor.com/2008/10/wtf-is-fha/ I know from experience, dude Sun, 22 Jan 2012 11:50:40 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: Thomas Martin http://www.howtobepoor.com/2008/10/wtf-is-fha/comment-page-1/#comment-135538 Thomas Martin Sun, 04 Jan 2009 19:50:36 +0000 http://www.howtobepoor.com/?p=327#comment-135538 Minimal Down Payment and Closing Costs. Downpayment less than 3% of Sales Price 100% Financing options available No reserves or required. FHA regulated closing costs. Seller can credit up to 6% of sales price towards buyers costs. Easier Credit Qualifying Guidelines such as: No minimum FICO score or credit score requirments. FHA will allow a home purchase 2 years after a Bankruptcy. FHA will allow a home purchase 3 years after a Foreclosure. Easier Debt Ratio&Job Requirement Guidelines such as: Higher Debt Ratio's than other home loan programs. Less than two years on the job is allowed. Self-Employed individuals o.k. http://www.fhamortgageprograms.com/ Minimal Down Payment and Closing Costs.

Downpayment less than 3% of Sales Price
100% Financing options available
No reserves or required.
FHA regulated closing costs.
Seller can credit up to 6% of sales price towards buyers costs.
Easier Credit Qualifying Guidelines such as:
No minimum FICO score or credit score requirments.
FHA will allow a home purchase 2 years after a Bankruptcy.
FHA will allow a home purchase 3 years after a Foreclosure.
Easier Debt Ratio&Job Requirement Guidelines such as:
Higher Debt Ratio’s than other home loan programs.
Less than two years on the job is allowed.
Self-Employed individuals o.k.

http://www.fhamortgageprograms.com/

]]> By: How To Be Poor http://www.howtobepoor.com/2008/10/wtf-is-fha/comment-page-1/#comment-135478 How To Be Poor Thu, 13 Nov 2008 20:51:26 +0000 http://www.howtobepoor.com/?p=327#comment-135478 Nice site :) She used to be so hot. You making $$$ off the site? Nice site :) She used to be so hot. You making $$$ off the site?

]]> By: Tawny Fan http://www.howtobepoor.com/2008/10/wtf-is-fha/comment-page-1/#comment-135476 Tawny Fan Thu, 13 Nov 2008 20:43:03 +0000 http://www.howtobepoor.com/?p=327#comment-135476 Max, I can see the propaganda you were taught in the old USSR was remarkably effective. Being realistic though, I have to agree with you. Max, I can see the propaganda you were taught in the old USSR was remarkably effective. Being realistic though, I have to agree with you.

]]> By: How To Be Poor http://www.howtobepoor.com/2008/10/wtf-is-fha/comment-page-1/#comment-135470 How To Be Poor Tue, 11 Nov 2008 23:47:17 +0000 http://www.howtobepoor.com/?p=327#comment-135470 I agree -- I wish it did not go up as much, but I have no way to dispute ... between comparables in the hood and all the improvements we've made, I had a hard time it was worth less -- maybe next year. Thanks for commenting! I agree — I wish it did not go up as much, but I have no way to dispute … between comparables in the hood and all the improvements we’ve made, I had a hard time it was worth less — maybe next year. Thanks for commenting!

]]> By: Mike http://www.howtobepoor.com/2008/10/wtf-is-fha/comment-page-1/#comment-135469 Mike Tue, 11 Nov 2008 21:28:14 +0000 http://www.howtobepoor.com/?p=327#comment-135469 You forgot to mention that if the appraised value of the house increases significantly, as in your case, you can either get it re-appraised and often convince the bank to drop the insurance requirement if the remaining amount owed drops below a certain threshold percentage of the new value, or threaten to, or go to another loan company and refinance to avoid having to pay the insurance. We did this about 7 years ago. We got a zero refinance fee (in exchange for agreeing to not repay the loan within 1-2 years, which we had no intention of doing anyway) and wound up not only paying a lower interest rate and payment (5.6%) but got rid of that nasty insurance payment which drove me crazy. Keep up the great work. You forgot to mention that if the appraised value of the house increases significantly, as in your case, you can either get it re-appraised and often convince the bank to drop the insurance requirement if the remaining amount owed drops below a certain threshold percentage of the new value, or threaten to, or go to another loan company and refinance to avoid having to pay the insurance. We did this about 7 years ago. We got a zero refinance fee (in exchange for agreeing to not repay the loan within 1-2 years, which we had no intention of doing anyway) and wound up not only paying a lower interest rate and payment (5.6%) but got rid of that nasty insurance payment which drove me crazy.
Keep up the great work.

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