Just got a chance to respond to your FHA question of 11-1-00. Marvin impled that there is an income test for FHA loans. Put another way if you make too much - No loan. Too my knowledge this is not true at all. The concern I would have is whether FHA will give you a loan for $150 K. Theit LOAN limit in PA may be lower. Having too much income was never discussed when I got the $93 K loan in 1986. FHA provides loans at the lower price range. Please remember that CA real estate is very high priced. Consequently loan limits are higher here than in say Kansas. Sorry to hear about your disappointment with Junum. I am watching your posts with interest.
RE: To: Jim Thanks Jim, I went to the FHA loan site right after your suggestion. They have the loan limits posted. For PA the loan limits range from 126K for the cheaper areas like Reading to 156K for Philadelphia or Chester, Pa. So I do have a chance with FHA 'cause I was really hoping to buy a townhome or condo for under $150K. I did not see income requirements mentioned at the site, though. So you are probably right. I think the best way to find out is just call them. Thanks for taking the time to respond to my post. That is what makes this board so great. Peace! Roni. Jim wrote: ------------------------------- Just got a chance to respond to your FHA question of 11-1-00. Marvin impled that there is an income test for FHA loans. Put another way if you make too much - No loan. Too my knowledge this is not true at all. The concern I would have is whether FHA will give you a loan for $150 K. Theit LOAN limit in PA may be lower. Having too much income was never discussed when I got the $93 K loan in 1986. FHA provides loans at the lower price range. Please remember that CA real estate is very high priced. Consequently loan limits are higher here than in say Kansas. Sorry to hear about your disappointment with Junum. I am watching your posts with interest.
Roni, Possible Mortgage Sooner Roni: I came across a source today that may be of interest, considering your situation. From what I understand through a friend closely affiliated with this firm. RMC (Residential Money Center), which was just acquired from Conti by GMAC, may very well grant a conventional with your credit hits. From what I understand they are making some very liberal loans, even with open collection accounts (a bit risky, but what the hay)! They work through brokers so if interested phone the customer service department and ask for a referral, if Iâ??m correct on the broker thing. Certainly this would be a conventional with a higher rate, however, after two years or so you could (theoretically) refi with FHA once your CBR improves. RMCâ??s number is (800) 244-1228. Keep The Faith, Anthony Villaseñor CreditDefenses.com PS: Iâ??ve never heard of FHA income limits either, but that doesnâ??t mean they donâ??t exist.
Anthony....thanks so much. Anthony, If I could reach you, I'd kiss ya. Thanks for very much. And good Lookingout. Roni. CreditDefenses.com wrote: ------------------------------- Roni: I came across a source today that may be of interest, considering your situation. From what I understand through a friend closely affiliated with this firm. RMC (Residential Money Center), which was just acquired from Conti by GMAC, may very well grant a conventional with your credit hits. From what I understand they are making some very liberal loans, even with open collection accounts (a bit risky, but what the hay)! They work through brokers so if interested phone the customer service department and ask for a referral, if Iâ??m correct on the broker thing. Certainly this would be a conventional with a higher rate, however, after two years or so you could (theoretically) refi with FHA once your CBR improves. RMCâ??s number is (800) 244-1228. Keep The Faith, Anthony Villaseñor CreditDefenses.com PS: Iâ??ve never heard of FHA income limits either, but that doesnâ??t mean they donâ??t exist.
