FHA Mortgage

[rob&ana 0]

Ok, so here's the deal.

We might be buying a condo (and thought I'd ask since I saw someone post about the rent-to-own). And since hubby's credit is not so good, the mortgage guy thought it'd be better if I got the loan on my name. Now, he's talking about FHA.

Now, I was not worried at all when he talked about it and it was both of us. But now, if it comes out on just my name. Would this count as receiving benefits from the goverment?

Inputs are welcomed...

Ana

[rebeccajo 14]

Noooooo, as long as you are talking about Federal Housing Administration, that's not even close to a means tested benefit. All FHA is a government loan backed by securities with such benefits as lower down payment required, etc. There's a limit to the price of house you can buy, and you have to put MIP on it (kind of like mortgage insurance but it works a bit different) unless you have a load to put down. Almost anybody can use this program - my ex and I had one of these loans years ago.

FmHA is Farmers Home Administration. Some of those loans are 'subsidized' - meaning they are intended for low income families and part of the payment is made by the government. I doubt that's what your 'mortgage guy' is talking about. I don't know if that would be means tested or not.

Word of caution - shop around for a 'mortgage guy'. All are not created equal. Watch for more than the rate - watch for closing costs. Unfortunately, in today's world of lending, there's a new kind of creature out there and he's called the 'predatory lender'. He especially loves first time buyers and people with marginal credit.

[Veiled Princess 1]

Ok, so here's the deal.

We might be buying a condo (and thought I'd ask since I saw someone post about the rent-to-own). And since hubby's credit is not so good, the mortgage guy thought it'd be better if I got the loan on my name. Now, he's talking about FHA.

Now, I was not worried at all when he talked about it and it was both of us. But now, if it comes out on just my name. Would this count as receiving benefits from the goverment?

Inputs are welcomed...

Ana

No FHA loans are not under that category.

[mawilson 2,133]

Noooooo, as long as you are talking about Federal Housing Administration, that's not even close to a means tested benefit.

What's the definition of a "means tested benefit"?

[rebeccajo 14]

Noooooo, as long as you are talking about Federal Housing Administration, that's not even close to a means tested benefit.

What's the definition of a "means tested benefit"?

http://www.visajourney.com/forums/index.php?showtopic=28910

[rob&ana 0]

Thanks guys...

And Rebecca... I have talked to a some people, and this 'mortgage' guy seems to be quite honest, as in explaining pros and cons of different types of mortgages, and even discussing closing costs upfront. So far so good, Im keeping my fingers crossed!!

Thanks again for your replies!!

BTW, if I could move your house to Pitts... I'd buy it in a heartbeat. Real Estate sucks, and seldom you see a house in such a good shape as yours.

Ana

[chri'stina 190]

Ok, so here's the deal.

We might be buying a condo (and thought I'd ask since I saw someone post about the rent-to-own). And since hubby's credit is not so good, the mortgage guy thought it'd be better if I got the loan on my name. Now, he's talking about FHA.

Now, I was not worried at all when he talked about it and it was both of us. But now, if it comes out on just my name. Would this count as receiving benefits from the goverment?

Inputs are welcomed...

Ana

The loan we got for our mortgage last April, is mostly through Sujeet because he was the one with the income. We both have good credit, but I wasn't working. Both our names are on the mortgage though.

We used the first time home buyers program that I believe is associated with FHA loans. Everything went very well for us.

Good luck!

[rebeccajo 14]

Ok, so here's the deal.

We might be buying a condo (and thought I'd ask since I saw someone post about the rent-to-own). And since hubby's credit is not so good, the mortgage guy thought it'd be better if I got the loan on my name. Now, he's talking about FHA.

Now, I was not worried at all when he talked about it and it was both of us. But now, if it comes out on just my name. Would this count as receiving benefits from the goverment?

Inputs are welcomed...

Ana

The loan we got for our mortgage last April, is mostly through Sujeet because he was the one with the income. We both have good credit, but I wasn't working. Both our names are on the mortgage though.

We used the first time home buyers program that I believe is associated with FHA loans. Everything went very well for us.

Good luck!

Yes. Many states will offer a 'first time buyers' program in conjunction with FHA. You get the lower rate of the state program with the lower down payment benefits of the FHA program. The best of both worlds!

[rob&ana 0]

Ok, so here's the deal.

We might be buying a condo (and thought I'd ask since I saw someone post about the rent-to-own). And since hubby's credit is not so good, the mortgage guy thought it'd be better if I got the loan on my name. Now, he's talking about FHA.

Now, I was not worried at all when he talked about it and it was both of us. But now, if it comes out on just my name. Would this count as receiving benefits from the goverment?

Inputs are welcomed...

Ana

The loan we got for our mortgage last April, is mostly through Sujeet because he was the one with the income. We both have good credit, but I wasn't working. Both our names are on the mortgage though.

We used the first time home buyers program that I believe is associated with FHA loans. Everything went very well for us.

Good luck!

Yes. Many states will offer a 'first time buyers' program in conjunction with FHA. You get the lower rate of the state program with the lower down payment benefits of the FHA program. The best of both worlds!

ooooh... keep your fingers crossed!

I dont really know why the guy said it was better to put the loan in my name. But hey, if it'd get me lower rates, I am all for it. I was reading on FHA, and the 'guy' has told us pretty much the basics of it, and the different opportunities we might be able to use. They have the first time buyers, and they also have a program for people that are buying condos (which is our case), and the rate that he has been talking about, even though it's not the lowest, at least it's not like last time when they (other people) were offering us like 8,25% like it was a huge deal.

This will be our first 'real' home, and I am so excited about it, I can hardly wait til this guy calls and tells me what the deal is, and if we're going to be able to make an offer. I know this is certainly not the season to be moving around (winter time) or so Rob says, but I cant wait to move!!...

Ok... time to chill... and pretend I am not so excited...

[rebeccajo 14]

Ok... time to chill... and pretend I am not so excited...

Oh, go ahead, be excited. It's your first home!! Enjoy!

[rob&ana 0]

Ok... time to chill... and pretend I am not so excited...

Oh, go ahead, be excited. It's your first home!! Enjoy!

We got approved!! We got approved!!! Making an offer tonite, and crossing our fingers so it gets accepted!!!!

[chri'stina 190]

Ok... time to chill... and pretend I am not so excited...

Oh, go ahead, be excited. It's your first home!! Enjoy!

We got approved!! We got approved!!! Making an offer tonite, and crossing our fingers so it gets accepted!!!!

[rebeccajo 14]

Hey, very cool! You better tell us what happens next.....

[Nikita2Charles 32]

Congrats on your loan, as others said it's just like a regular Loan and it's based on Income, it's not like getting FOOD STAMPS or other social services needs. Just wrote something about another vj asking about school financial aids.

Good luck with the house offer

[rebeccajo 14]

Congrats on your loan, as others said it's just like a regular Loan and it's based on Income, it's not like getting FOOD STAMPS or other social services needs. Just wrote something about another vj asking about school financial aids.

Good luck with the house offer

*scratches head*

FHA isn't based on income. Its only limits are the sales price and loan amount.

FmHA is based on income.

You've confused me.