Anyone have experience with FHA Loans?

[88m3]

Anyone have experience with FHA Loans they'd like to share?

 

[Domingo Halliburton]

I don't have experience myself but I know my firm has dealt with HUD multiple times in the past

 

[theworldismine13]

why do you need an FHA loan? i thought you made 6 figs and had certs like all coli posters?

 

[88m3]

why do you need an FHA loan? i thought you made 6 figs and had certs like all coli posters?

You're a really ignorant person.

 

[88m3]

I don't have experience myself but I know my firm has dealt with HUD multiple times in the past

Yeah. I'd read about some programs in the past then talking to a guy last night got me thinking about it again. Have a dozen tabs open, haven't really gotten to dive into it tonight but in the am I'll be studying up.

 

[Domingo Halliburton]

Yeah. I'd read about some programs in the past then talking to a guy last night got me thinking about it again. Have a dozen tabs open, haven't really gotten to dive into it tonight but in the am I'll be studying up.

let me know if you have any specific questions I could ask my management

 

[88m3]

let me know if you have any specific questions I could ask my management

Absolutely, thanks.

 

[WSFGDan]

this nikka just started listening to Jay Morrison lmao, there is something i just don't trust about that dude i can't put my finger on it.

 

[Suicide King]

My sister is a nurse and was approved for 110k, that was the max they would approve for her. She bought a nice 3 bedroom townhouse.

Sketchy credit history and poor credit score is okay, they have 4 requirements: 1) a job 2) acceptable debt-to-income ratio 3) no "active" collections (if you have any, settle with the collection agencies) 4) 10% down payment.

 

[Swirv]

They only give loans for homes that are move in ready with no repairs needed

 

[ill]

Best way to get into the real estate game if you aren't heavily funded. They only require 3% down. You MUST live in the house for I think at least one year but possibly 3? Gotta double check on that. My boy bought a three family house using an FHA. Put like 6k down. The other 2 units are now paying his mortgage + taxes + giving him a profit. Its a very favorable loan to buying a home. Don't buy a single family though. Buy a multi so you can cake off the rent income.

 

[Suicide King]

Best way to get into the real estate game if you aren't heavily funded. They only require 3% down. You MUST live in the house for I think at least one year but possibly 3? Gotta double check on that. My boy bought a three family house using an FHA. Put like 6k down. The other 2 units are now paying his mortgage + taxes + giving him a profit. Its a very favorable loan to buying a home. Don't buy a single family though. Buy a multi so you can cake off the rent income.

The loans are assumable for the life of the mortgage, so the only way he does that if he refinanced. 3% is okay, but for better interest rates 8 - 10% down is the way to go.

 

[88m3]

It would be a multi unit, they're supposed to call me back today.
I need a jumbo loan so we'll see. I can get a regular mortgage, if I don't have to put down 20%, why would I?

 

[MeachTheMonster]

It would be a multi unit, they're supposed to call me back today.
I need a jumbo loan so we'll see. I can get a regular mortgage, if I don't have to put down 20%, why would I?

Better loan terms and you wouldn't have to pay PMI.

Basically you save a lot of money in the long term. FHA loans are great for people who can't save up a lump sum of money, or who have bad credit, but the loan terms are pretty shytty compared to a regular loan.

 

[Sunalmighty]

I would tell you to try NACA my homie just Had an surreal experience with those pricks