I keep hearing so much praise for FHA programs. DH & I have been patiently waiting for a month now, to get his lien release from the house he sold in 1999, so we can then send it in and wait another two- to three weeks to get his VA eligibility reinstated & cert of eligibility to buy using the VA loan program. It's a LONG process.
Would it be easier/quicker/better to go FHA? We liked the VA program b/c they offer 100% financing, including any closing costs or other fees wrapped up in the loan & with our savings wiped out last December when we found out about his tumor, we no longer have funds to cover closing.
Dallas, you have been cheering on FHA.. can you give me a little objective comparison of the two? Approval processes? Requirements? LTV cutoffs? Out of pocket costs? Am't they'll finance? Avg int rate comparisons? Would we lose the ability to use VA later on if we buy FHA now?
We know the funding fee won't be an issue because thanks to the brain tumor & the general severe wear & tear of being a Marine for 20 years, his disability will be at least 60% (we've been told to expect 75-100%) and therefore funding fee is waived. So that won't factor in to our decision.
In what ways is VA more strict? I'd heard it was easier to qualify b/c they don't generally base it off FICO scores, but only from sea lawyers, never from an actual lender/broker/realtor type.
-We don't have any lates for the last 2.5 yrs.
-We've never had a BK or repo or foreclosure.
-All collections on both reports are completely paid off.
The only (paid-off) collections on DH's are two Cap1 chargeoffs from early 2000's. The only (paid-off) collections on mine are two old med bills & a cell bill that is due to fall off in Aug of this year.
Message Edited by ivyalmighty on 05-05-200806:24 PM