Borrowers with large balances on their Deferred Student Loans can have issues when qualifying for a FHA Loan. If we take a loan case scenario where a borrower has $100,000 in deferred student loans and go over this scenario on how to make it work. Here is how a loan officer should qualify a borrower with deferred student loans:
· FHA.co is an online community of licensed lenders. Talk to a lender in your area today to get the best rates on an FHA loan.
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Should I get a FHA Loan or Conventional Loan? Posted on August 20, 2012 by Anthony Bird – Buying a Home , FHA Mortgage , First Time Home Buyer When it comes to FHA home loans, there are many differences and advantages when compared side by side to conventional home loans.
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Make sure you qualify for an FHA loan. FHA Loans are known for having looser requirements than conventional home loans, but they do still have requirements. You must be able to meet most, if not all, of these standards to qualify.
Sufficient income is one of the most important things a person needs to get approved for an FHA loan. It’s also the main factor lenders use when determining how much mortgage a person can qualify for. But there are other things you’ll need to get approved for an FHA loan.
Repeat buyers can get an FHA loan, too, as long as they use it to buy a primary residence. fha lenders are limited to charging no more than 3 percent to 5 percent of the loan amount in closing.
· The Nuts & Bolts of FHA Loans. FHA loans are insured by the Federal Housing Administration. The program contains two forms of mortgage insurance; an upfront mortgage insurance premium calculated at 1.75% of the loan amount, and a monthly premium based on 0.8% of the loan amount.
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What is an FHA loan? An FHA loan is a government-backed mortgage insured by the Federal Housing Administration, or FHA for short. Popular with first-time homebuyers, FHA.
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