First time home buyer ( HuD and mortgage help ).? - hud homes in georgia
My wife and I are about to begin our adventure in real estate. I am looking for a HUD home (I'm in Georgia) and I am a mechanic by trade, but not sure about the process and benefits of the FHA first buyers of homes. Many conflicting information on the web.
Monday, January 11, 2010
Hud Homes In Georgia First Time Home Buyer ( HuD And Mortgage Help ).?
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3 comments:
What I would advice you to do is to look for someone, a realtor would be perfect, who is knowledgeable with regards to HUD Home, mortgages and the like in your area.
In today's market, the best way to buy a principal residence by the FHA in order to get the best price - the best rate with a minimum deposit.
FTAs with the following requirements:
* Deposit 3%
* 6% Max stores contribute to closing costs
* Debt as a proportion of income, 29/41 (29 is the fault of the housing debt divided by total sales / 41 is your monthly debt divided by your gross income. These numbers are flexible, sometimes, if their scores exceed 620).
* The minimum credit score is 580th The higher the credit score is the greater flexibility, because sometimes your loan.
* Must be at work or in the field will be for at least 2 years
The programs first time home ownership can still be there, but not as easy as they were 1 to 2 years.
(PS: If your house needs repairs potential, you can qualify for FHA 203 K) (credit, the Repairs cover)
There are a lot of misleading information about the market. Home FHA 1) is to be in good shape, or repair must be made before the closure. Well, some things an expert can not appear important things, but we do have. If you are still you buy and get a tax credit of $ 7,500, if they know this is not yet submitted your tax return than I do. You need only qualify for the purchase and receive an offer on the house to see her.
I am a mortgage banker in TN & KY
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