FHA Poor credit home loan

How many of you out there have bad credit and are looking to buy a house or need to refinance a previous home mortgage? I know a lot of you out there are in this situation but a bad credit home loan mortgage is not as simple as it once was. I remember those glory days when you can go into any mortgage shop and have 10 different offers from sub prime mortgage lenders who would accept a 500 FICO score and be willing to finance you 100% loan to value. Well for those of us with not so good credit looking to get a mortgage, times have changed.

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Luckily, there still is a solution. That solution is a FHA loan. The FHA is the Federal Housing Administration and for some would be borrowers, the FHA is willing to insure your loan. So if you need a bad credit home loan mortgage, your best bet would be a FHA loan.

Here is how it works. As long as you meet FHA guidelines, you can go to any FHA approved lender and get your financing done. The FHA will then go about insuring your loan as long as you meet their guidelines. The FHA has their own underwriting principles that allow for less down payment and more lenient lending practices. The FHA knows that there are still good people out there with bad credit and little available cash that are looking to purchase a home or refinance. This program is perfect for such individuals.

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A.A. for Homebuyers. Zero Down FHA loans tied to

2004-01-26 14:30:51 by Your_pensions-funded-by-

Don't read this if you're invested in the mortgage market: you'll throw up:
Last week, the Bush administration proposed that the FHA allow zero-money-down financing for first-time homebuyers. Zero money down for a house. The new provision would give additional teeth to an already absurd mandate of the FHA: approving applicants who have demonstrated they pose too high a credit risk to get a loan through the conventional mortgage market.
- Lenders, of course, love the idea. "Any down payment," Angelo Mozilo, CEO of Countrywide Financial Corp. told the LA Times, "even 3% [the current requirement of the FHA] is a major, unnecessary obstacle for lower-income borrowers

Questions about FHA loans

2002-07-05 13:04:12 by markster

I've read about these loans at If you have a FHA loan or even considered one please reply.
Is it really true you only have to put down 3%?
Is the following true? Your total move in cost is the FHA premium (2.25% of the mortgage), closing cost (3% of the home value) and down payment (3% of home value).
Also, I've heard that instead of PMI you pay a monthly FHA premium, if so, how much is it?
I've heard that FHA rates are considerbly lower than conventional rates. How much lower are they?
Thanks in advance for your time.
Markster

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Just Approved: Recent FHA buyers refinance to remove mortgage insurance  — San Francisco Chronicle
Mortgage consultant: Ty Cabalsi. Loan type: 30-year and 15-year fixed-rate refinance mortgages.

FHA lowering loan limits in Chicago area  — Chicago Tribune
Combined, the moves taken by the FHA this year will force some homebuyers in 2014, particularly first-time homebuyers, to expand their search for mortgage financing or put their planned home purchases on hold.

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