Question by Keeping Secrets: What are the repayment term options for an FHA loan? Are there prepayment fees?
Are there options other than 15-year or 30-year loans? Can I get a 20-year FHA loan? Do FHA loans typically have prepayment fees? Would I have an option to make bi-monthly payments?
Please indicate your source of information if possible. I want to make sure I have as up-to-date and accurate information as possible. Thanks!
Best answer:
Answer by cactusgene
There are NO early prepayment penalties on FHA loans. But I would recommend you get a standard 30 year FHA mortgage and then make extra monthly principal payments of about 15% of the monthly payment amount and you effectively cut the mortgage down to a 20 year loan and also preserve the possibility of not making those extra payments if you ever get into a tight spot.
http://www.fhaloan.com/fha_article.cfm?id=65
http://www.ehow.com/info_7754849_fha-prepayment-penalties.html
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Question by Ceroulious: How to get into a house with marginal credit but a good income?
I am married with a combined income of $ 125, prostate 000/yr. We filed a joint bankruptcy approximately 5 years ago. My wifes credit, stuff while not extensive (3-4 Credit cards–nothing over 1,000 limit) is all good except for the Banko. I have not used credit in about 15 years with one exception and that was a small ($ 5K) loan which was paid on time.
I spent many years self-employed though I am now in a permanent position and have been for the past 7 months. My wife still contracts as I did, but may be taking a permanent position in the comming month as well. I also have an existing Federal tax lien (appx 15K).
It’s not at all pretty, but would like to know from any experts in the field if they have any ideas as I am really tired of throwing away 1500/mo in rent–thanks
Would the Federal tax lien HAVE to be paid for anyone to finance us?
Best answer:
Answer by bentworth78
Go into a house with owner financing, or with a non qualifying mortgage
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If you have a 10 percent down payment you will probably be able to get a loan.
save up a larger deposit, while saving, build on your credit score. use the cards a bit more and DONT be late.
with a more moderate score and a larger downpayment, you should be able to finance the house you want.
I’m a loan officer in Utah. So if you are in Utah I can get you a loan. But past that, I would go to a mortgage broker that specializes in niche loans. Tell them your situation, and they can find a lender that focuses on income over credit score. These lenders are called subprime lenders. They will often take scores as low as 450. Your bankruptcy shouldn’t matter as long as it has been discharged.
We just bought a house and our situation was worse than yours. The most important thing is to have a good downpayment, Not less than 10% of the price. And closing costs. A fixer upper is easier to get. Dont aim too high with the first house. You need a realtor that will work with you.
Your current credit will get you a mortgage with 10-15% down. If you want to be sure, most banks will give you one with 20% down.
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The only stumbling block to having filed bankrupcty in the past, is that it seems you haven’t re-established many lines of credit since then on your side.
You need to get with a competent mortgage planner to evaluate your specific situation in detail and find a lender and program that can service your needs.
The big thing I see from your statements at this point is that tax lein. Have you tried resolving it, are you disputing it, set a payment plan yet? Lot’s of side-bar questions…
With your incomes though it seems like you shouldn’t have a major problem getting financed.