First time home buyer ( HuD and mortgage help ).?
Monday, May 10th, 2010 at
7:18 am
My wife and I are about to start our adventure into real estate. I am looking into a HUD home ( I am in Georgia ) since I am handyman by trade, but not sure about the process of FHA’s or any first time homebuyer perks. Alot of conflicting information on the web.
Tagged with: fha • handyman • hud • real estate • time homebuyer
Filed under: First Time Home Mortgage
In today’s market, the best way to purchase a primary residence is through FHA so that you can get the best deal – best interest rate with the least amount towards downpayment.
Qualifications for FHA included:
* 3% Downpayment
* 6% Max Sellers Contribution towards closing costs
* Debt-to-income ratios 29/41 (29 is your housing debt debt divided by your combined monthly income/ 41 is your total monthly debt divided by your gross income. These numbers are flexible sometimes if your scores are above 620).
* Min credit score is 580. The higher the credit score the more flexibility you are sometimes given on your loan.
* Must be on job or in field for a min of 2 yrs
The first time home buyer programs may still be out there, but they are not as readily available as they were 1 to 2 years ago.
(P.S. If your potential house needs repairs, you may qualify for a FHA 203(k) loan to cover repairs)