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     | Wednesday, February 02, 2000 - 05:20 am  I have read the books, and searched numerous websites and can still find very little info on FHA loans. I make about 65k per year and am looking to purchase a home in the 175,000 range. I have excellent credit. We will have saved up about 7-10k and have NO debt by then (thank God). Any ideas on what direction we could go in? Also, the home we would like to buy is from a builder. Assuming that it takes 3-5 months to build the home, will a mortgage company take into consideration any savings we can accumalate by closing time when the approve the loan (perhaps promise monthly payments into an account until closing)? Thank you
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| | Wednesday, February 02, 2000 - 06:22 am In what state and county is the house? Why FHA?
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| | Thursday, February 03, 2000 - 05:09 am Fredericksburg VA. I am looking at FHA because of the low down payement requirments if there is a better way please advise.
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| | Thursday, February 03, 2000 - 05:49 pm http://www.hud.gov/buyhome.html Both Fannie Mae and Freddie Mac have conventional 3% down (same as FHA) loans. See Fannie Mae Flexible 97 and Freddie Mac Alt 97. There will not be as much scrutiny of the property as FHA (currently under fire due to the new, higher property standards). http://www.fanniemae.com/news/features/feature_story_8.html http://www.freddiemac.com/sell/alt97/alt97.htm They are offering them because of increased heat from HUD/FHA and the new, higher FHA loan limits. Fredericksburg FHA limit is $212,800 for one units, so your OK on that. See HUD Directive Number 4155.1 at www.hud.gov for FHA credit standards. Are you using Nehemiah or AmeriDream down payment assistance? See www.nehemiahprogram.org. Any money you save is "savings," and that's a good thing. Perhaps you are concerned that the lender will not like RECENT savings. Not true. The problem they have with large sums of money in the bank today, when the balance was far less two months ago, is that you could have borrowed the money. Just prove to them that the cash is yours by depositing your entire paycheck so they can see, just exactly, what the source of money is (not undisclosed, or any, debt). Two things worry them: undisclosed debt (an undisclosed payment creating a tighter budget), and not using your own money to close (no pain, so possibly no worry in defaulting).
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| | Friday, February 04, 2000 - 04:08 am New standards and new construction: Check with your builder to make sure that they CAN do an FHA loan. We planned on going FHA (the builder's brochure even mentioned FHA loans). A week after application, we casually mentioned to our sales rep that we were going FHA and she said, "Oh, no. We can't do FHA in this development - we stopped doing FHA a long time ago, except for a few select developments (too many hassles)." We converted to a conventional.
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| | Sunday, February 06, 2000 - 05:55 am I consider myself a Mortgage Professional. I have been in the business just a little more than a year. Can you make a reccomendation to me on some of the text books available for my profession, like a handbook. I have an old copy of Residential Mortgage Lending by Marshall Dennis. Thanks
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