I came across this site that tells you what is required creditwise for different types of programs, they only lend in certain states but I thought the guidelines for qualifying might answers some questions. Just click on buying a home and you will see the programs and list the qualifications. Mom http://www.virginiahomeloan.com/
Re: Some more mortgage program GREAT site mom. Thanks so much for posting it. I think I may be able to find just the loan for us on here and do it sooner than we had thought. It's great too because I live in Virginia!! judy
Re: Some more mortgage program You are welcome Judy, I forgot you also lived in Va. I am actually expecting a call from the lender on that site (Jim) this evening, I will keep you posted Mom
Re: Some more mortgage program Did you e-mail him with a question? I think I might e-mail and ask about debt limits. I have great credit but owe way too much right now to qualify...I think. I am going to try to pay off as much as I can over the next year and hope to be able to buy next summer. BUT... if I can get in sooner I certainly wouldn't turn anything down. LOL! judy
Re: Some more mortgage program Yes I emailed him, he responded within a hour. You are going through FHA right, I think the back ratios went as high as 41%, not sure what you ratios are?? I would email him and I am sure he would be glad to talk the options over with you. Mom
Re: Some more mortgage program I think I will. I was glad to see the back ratio at 42%. All the calulators I have been using had the back ratio at 36% or less. I wouldn't even mind letting him pull a credit report and telling me what I need to do so I can buy in the next year. We want a small townhouse or quad house... what I call a condo on the ground floor. You know those? There are six or four condos hooked in a little group. We only have the 2 of us and just want a small place without much upkeep on the outside. We plan to spend about 6 to 8 months of the year traveling in an RV in about 10 to 15 years. Sooner if my husband can rev up his side-job consulting work and make a living off that completly. But I got off the subject. This guy is located in Chesapeake which is about 45 minutes from me. GREAT NEWS! I'll let you know what he says. thanks again mom, judy
Re: Some more mortgage program You are welcome, I am glad you can possibly use them since our state on of their lending states. My problem is finding a darn house in our price range that meets FHA guidelines, I have called about 10 properties and all have told me they need "some work" but don't think they would pass FHA, so right now I am kinda stuck it seems. I was thinking are modular homes or triple wides, but not sure I think FHA is not as easger to finance those type of homes. Who knows I will keep looking and praying we find something we can comfortably afford. mom
Re: Some more mortgage program I hadn't thought about that. Is there some place online that lists the guidelines for FHA homes. We aren't looking for a big house either. Actually we want a small condo/townhouse and would rather find one that needs work so the price is lower. You know good neighborhood ...crappy house. I don't mind finding someone who had to give back the house or needs to get out really quick. I have no problem laying new flooring or carpeting. I just sent Jim an e-mail so I will let you know what he says. judy
FHA guidelines http://www.fhalibrary.com/fha_appraisals/fha_appraisal_guidelines/default.asp Here's a link. mom
Re: THANKS MOM! Great site. I'm so excited but at the same time afraid. I'm going to take your advise and wait until my 3rd round is over. I may lose out with the low interest rates but I rather have a better looking report. ;o)
Re: THANKS MOM! You are very welcome I hope these sites can help someone, I have so many mortgage sites you would not believe, After I am done with the process, I may go into that line of work LOL. mom
