Announcement

Collapse

Facebook Forum Migration

Our forums have migrated to Facebook. If you are already an iMSN forum member you will be grandfathered in.

To access the Call Room and Marriage Matters, head to: https://m.facebook.com/groups/400932...eferrer=search

You can find the health and fitness forums here: https://m.facebook.com/groups/133538...eferrer=search

Private parenting discussions are here: https://m.facebook.com/groups/382903...eferrer=search

We look forward to seeing you on Facebook!
See more
See less

FHA Loan

Collapse
X
Collapse
 
  • Page of 1
  • Filter
  • Time
  • Show
Clear All
new posts
Previous template Next
  • #1

    FHA Loan

    Has anyone done one of these? Most residents (with non-working spouses) would qualify (income below a certain level). Just wondering if anyone has any experience with the process.

    Oh - forgot to add: these are FHA-insured mortgages, the main highlights are that they require about 3.5% to 5% down & have higher closing costs than conventional loans.
    Tags: None
  • #2
    Originally posted by Ravenclaw View Post
    Has anyone done one of these? Most residents (with non-working spouses) would qualify (income below a certain level). Just wondering if anyone has any experience with the process.

    Oh - forgot to add: these are FHA-insured mortgages, the main highlights are that they require about 3.5% to 5% down & have higher closing costs than conventional loans.
    No - but I would find out what they do with the medical student loans. Because it's not a physician loan, I would believe they would take the debt into account.

    Comment

    • #3
      My sister and her husband qualified for one for the house they are currently living in but the hoops FHA wanted them to jump through as far as silly things they said needed fixed on the house were RIDICULOUS. My understanding is that by accepting the loan they would have had to agree to fix all things that FHA required within a certain time frame and some of them there really was no need.
      Wife to NSG out of training, mom to 2, 10 & 8, and a beagle with wings.

      Comment

      • #4
        We did it this past summer. It was a very frustrating process. They do take into account your medical school debt. When we first looked into it they assured us that since all of our loans were in deferment or forbearance they wouldn't count against us since we're currently not making payments on them. After going through the whole process, having a house sitting waiting for us, and three months of DH living with a friend for the start of residency while I lived with my parents in NJ they told us that they were wrong and the only way we could do it was with a cosigner. We knew from the beginning that we could have done it with a cosigner very easily but they were so sure that they could pull strings somehow and they can't.

        Also, if anyone happens to be in central PA stay away from PNC's home mortgage consultants(or at least the one we used). He was AWFUL.

        Comment

        Previous template Next
        Working...
        X