Member
fungus9
Posts: 6
Registered: ‎06-08-2008
Question about FHA and loan eligibility
[ Edited ]
 
Frequent Contributor
oldhack62
Posts: 284
Registered: ‎12-14-2008
Re: Question about FHA and loan eligibility
[ Edited ]

I'm not that conversant with ratios, so I'll let the loan pros speak to those particulars. However, I'd make a couple of points, and pose a potentially problematic question? First, your credit score is only going to gain to you 1/8th point or so regarding loan rate -- FHA rates are pretty much the same for everyone, and a function of the current loan market. You'll get whatever's current. Second, if the $8,000 tax credit/refund is a deal-breaker for you, you probably can't afford to buy. Trust me -- $8,000 doesn't go that far unless you find a house you need to do NOTHING to, including furnish! And, finally -- does your reticence about 2007 income indicate your current job history is less than two years? If so, know that most lenders seek two years as a minimum for stable employment history. If your current employment is in the same field as your academic pursuits, that would help. You can overcome some of these factors/difficulties with offsetting benefits, such as substantial reserves/savings.

Message Edited by oldhack62 on 08-10-2009 07:35 PM
Member
fungus9
Posts: 6
Registered: ‎06-08-2008
Re: Question about FHA and loan eligibility
[ Edited ]
 
Established Member
prioritybubble
Posts: 39
Registered: ‎07-21-2009
Re: Question about FHA and loan eligibility

I think some of you are confusing this $8,000 tax credit.  It's only for 10% of the sales price.   From the sounds of these boards it sounds like everyone expects to get $8,000 even if they are only buying a $100,000 house which isn't the case.

 

http://federalhousingtaxcredit.com/2009/glance.php

Established Contributor
SonorityGenius
Posts: 729
Registered: ‎10-21-2007
Re: Question about FHA and loan eligibility

prioritybubble wrote:

I think some of you are confusing this $8,000 tax credit.  It's only for 10% of the sales price.   From the sounds of these boards it sounds like everyone expects to get $8,000 even if they are only buying a $100,000 house which isn't the case.

 

http://federalhousingtaxcredit.com/2009/glance.php


You need to stop spreading your paranoa. Seriously, get some help. 10% OF 100,000  = 10,000

THE CREDIT IS 10% OF SALES PRICE = 80,000 IS ALL YOU NEED FOR A MIN HOME PURCHASE.

(On your calculator, multiply 0.10 x 80,000)

Frequent Contributor
Sommery
Posts: 265
Registered: ‎07-24-2009
Re: Question about FHA and loan eligibility

SonorityGenius wrote:

prioritybubble wrote:

I think some of you are confusing this $8,000 tax credit.  It's only for 10% of the sales price.   From the sounds of these boards it sounds like everyone expects to get $8,000 even if they are only buying a $100,000 house which isn't the case.

 

http://federalhousingtaxcredit.com/2009/glance.php


You need to stop spreading your paranoa. Seriously, get some help. 10% OF 100,000  = 10,000

THE CREDIT IS 10% OF SALES PRICE = 80,000 IS ALL YOU NEED FOR A MIN HOME PURCHASE.

(On your calculator, multiply 0.10 x 80,000)


 

THANK YOU! It's 10%! Not 1%. You don't have to buy a $800,000 house to get the $8000. That would be stupid. So, yes, people buying a $100,000 house WILL get the full $8000. My house is $105,000 and I'm getting my full amount.