Comments on: 2009 FHA Loan Limits Announced

By: Danelle

Danelle — Wed, 21 Oct 2009 17:26:30 +0000

The rural home loan James B. is referring to is the USDA loans. They are similar to VA loans in that they are for ZERO down and LOW interest rates. The home does have to be in a qualified rural area and there is a limit on household income. Go to USDA’s website for more info. We were looking in to this loan but we made just a little to much to qualify for this GREAT opportunity. Back to the FHA loan drawing board for us. We should know by the weeks end if we qualify for the 3.5% down FHA loan. Keep your fingers crossed for us! =)

By: brandicburton

brandicburton — Tue, 01 Sep 2009 04:54:24 +0000

What does your median credit score need to be to purchase a home with FHA

By: james butler

james butler — Tue, 18 Aug 2009 15:03:51 +0000

I am selling my home to an fha (rural home loan) qualified buyer. Can anyone tell me when the funds are to be appropriated. IF it varies by state, is it when that state ratifies their state budget? if so, I am asking for information as to when dispursement of fha (rural loan) money will be made to the state of North Carolina, and when dispursment is expected.

By: Adena

Adena — Wed, 05 Aug 2009 18:26:19 +0000

I discharged a chapter 13 bankruptcy in March and I have a credit score of 659. As a first time homebuyer how long after bankruptcy do I have to wait to be approved for an FHA home loan?

By: Judith Marrero

Judith Marrero — Thu, 30 Jul 2009 17:34:17 +0000

My husband has been pre-approve for a 100,000 dollars loan, however I can’t get a house no where near that price in NYC. I’m willing to relocate no farther than a hour away of commute from my husband job. With the economy and the lack of work, my husband needs to keep his job inorder for us to survive and pay a mortgage. oh, did I mention the fact that we are first time home buyers. Our problem is that there is only one income and our family composition is of 5 people and we are what the bank consider a high risk. We are really interest in applying for the $8000. stimulus yet where in NYC would I find a house under 100,000 dollars? Please help share some insight.

By: Chad (Mortgage Consultant)

Chad (Mortgage Consultant) — Tue, 07 Jul 2009 23:26:55 +0000

It is very difficult to find lending at 100% unless your a Veteran. Next to impossible

By: Carlos

Carlos — Sat, 04 Jul 2009 05:37:46 +0000

as a first time home buyer can i get a home with no money down??

By: Ian L.

Ian L. — Sun, 14 Jun 2009 14:14:00 +0000

FHA loan limit in my area is $292,500. I have $20,000 to put down. Plus i heard that I could apply the $8,000 stimulus for first time home buyers in advance to the purchase of the house. Does this mean I can buy a house that costs $320,500? Thanks.

By: Peter G. Miller

Peter G. Miller — Sun, 14 Jun 2009 11:36:26 +0000

Mr. Lee –

If you buy a property with one or two units then there is no reserve requirement. If you buy with three or four units then you must have reserves equal to three monthly payments.

By: Peter G. Miller

Peter G. Miller — Sun, 14 Jun 2009 11:31:55 +0000

Kim –

Yes. What you are looking for is called a “seller contribution.” Under FHA rules you can get a seller contribution equal to as much as 6 percent of the purchase price. Note that you still need money for the down payment.