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FHA home loans.

Discussion in 'General Discussions - USA & Canada' started by OCdesigirl, Mar 26, 2013.

  1. Mar 26, 2013 #1
    OCdesigirl

    OCdesigirl Gold IL'ite

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    Does anyone know anything about them?

    We are thinking of buying a house and are a bit confused on which type of loan to take. Please list your opinion about FHA loans.
     
    OCdesigirl, Mar 26, 2013
    OCdesigirl, Mar 26, 2013
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  2. Mar 27, 2013 #2
    k11

    k11 Silver IL'ite

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    FHA loan is for people who do not have down payment money. You need to have 3.5% down to qualify.
    Go for it especially when you are buying expensive homes, do not get scared. Rates are on par with regular loan.

    The loan installment has a PMI involved with 1.5% upfont MIP packed into the loan.
    There are some rules. Google them.

    Important you cannot rent the home for first year or so, it is for first home only I think,
    Not all Apt complexes qualify for FHA, check up with association before you buy.
    Lot of info available over FHA on net.
     
    k11, Mar 27, 2013
    k11, Mar 27, 2013
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  3. Mar 27, 2013 #3
    rose2000

    rose2000 Silver IL'ite

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    ditto above post. FHA is going to change their rule as of April 1st i think and its going to be very stringent. So please be careful and check with your mortgage/bank ,they should be able to guide you.
     
    rose2000, Mar 27, 2013
    rose2000, Mar 27, 2013
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  4. Mar 27, 2013 #4
    OCdesigirl

    OCdesigirl Gold IL'ite

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    Thanks for the info, we are getting tired of paying rent for apartment and are in need of more space.We looked at some homes in a gated community but here in socal coming up with a 20% down payment for a 700k house is pretty impossible lol
     
    OCdesigirl, Mar 27, 2013
    OCdesigirl, Mar 27, 2013
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  5. Mar 27, 2013 #5
    k11

    k11 Silver IL'ite

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    Yes, for your case FHA makes lot of sense.
    Even if you have 140K it might not make sense to put it down.

    You might need 30K and maybe another 10K incase of contingency for your loan.

    Good Luck and keep us posted when you finalize the place.
     
    k11, Mar 27, 2013
    k11, Mar 27, 2013
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  6. Mar 27, 2013 #6
    OCdesigirl

    OCdesigirl Gold IL'ite

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    Will update for sure, in the coming months... I fell in love with the master bedroom closets! In my apartment the closets are crammed so full it will be a whole different world if I have a house!
     
    OCdesigirl, Mar 27, 2013
    OCdesigirl, Mar 27, 2013
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