Question by dfrsle: Should the government help people at the brink of foreclosure?
This includes those who availed of liar loans or mortgages without income verification. Let’s also include the so called “get rich quick flippers/investors” who were caught in the trap.
Best answer:
Answer by rebajg
No. Everyone should be responsible for their own finances. Where’s the help for those who are responsible and pay their mortgages? Government could help by making personal finance classes mandatory in schools so that people would not get themselves into these situations.
What do you think? Answer below!
Question by Bobby: what are the minimum requirements for a fha home loan?
I live in bristol, tennessee and i have found a home i would like to buy, approved my credit rating is bad.the home is for 60,000 and i have about 4000.00 to put down,whats the minimum credit rating for a fha loan and the other requirements?also,where do i find a fha home loan at?
Best answer:
Answer by Ryan M
minimum credit is a 620. You will need to put down at least 3.5% plus the house itself must be approved by the FHA. You “find” an FHA loan at banks….same place as all other loans.
Add your own answer in the comments!
– 3.5% of down payment – You only need about 2100, with 4k in hand you covered it.
– 620+ credit rating – FHA also works with with low/bad credit ratings, check your score using creditkarma.com.
– The property should be eligible under FHA – pretty much all of them are.
I would strongly recommend you going through the official website as the requirements vary depending on the state.
http://www.hud.gov/buying/loans.cfm
And here is a step-by-step procedure on how the process go. Wish you all the best.
http://portal.hud.gov/portal/page/portal/HUD/topics/buying_a_home#loan