What's happening?
If you can pay rent, you can pay a mortgage
payment!
Meetings are happening throughout the US.
There appears to be a major problem, with an
over abundance of homes owned by the bank due to
foreclosure.
The word, is, (not confirmed yet) the banks are
talking about allowing a special purchase plan
to get this massive inventory off the books, and
into the hands, of people who, may not have good
credit, but, can afford the monthly payment!
Stay tuned.
E-mail your interest, when we know more, you
will know more (privacy policy in effect)
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What's needed to complete your
Federal Housing Authority - FHA Loan
Documents Needed
for FHA Loans:
** Employment Information
** 2 Years Tax Returns including W2s and
1099s
** Most recent pay check stubs
** Self-Employment - Need 3 years tax
return
** Three (3) month checking and or savings
statement - Don't have a bank account, no
problem.
** Most recent 401K, mutual funds, money
market, stocks statements
** Most recent statements from "all" your
current bills, indicating minimum payments,
including account numbers
** Name, address and phone number of your
landlord, OR 12 months cancelled rent checks
** Copy of your most recent utility bill
(only if you have no credit)
** Copy of Discharge papers from your most
recent Bankruptcy, if applicable - Must be 2
years from discharge date
** Copy of Drivers License
** Copy of Social Security card
** Copy of Divorce or Alimony papers, if
applicable
** Foreclosure documents - Must be three
(3) years from date of foreclosure
FHA recommends that you only spend about 29% of
your income for house payments, including
property taxes, mortgage insurance and hazard
insurance
To understand how much you can afford for
mortgage payments use the following formula:
Gross Monthly Income x 29% = Amount you
can afford in monthly payments
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For a Refinance
** Copy of Note & Deed from
Current Loan
** Copy of Property Tax Bill
** Copy of Hazard Homeowners insurance
Policy
** Copy of payment Coupon for current
Mortgage
** If property is multi-unit, you will
need copy of Rental Agreements
FHA usually will require that any outstanding
collections accounts, judgments or charge offs,
be paid in full before closing your FHA loan.
If you have a Federal Tax Lien, you can still
qualify, as long as you can make the monthly
mortgage payments and the IRS Installment
payment.
Basically - FHA does not require a credit score.
Individuals who do not have any credit, can
still qualify for an FHA Loan. If you do
have a credit history, FHA may be looking for a
score between 550 to 620 or better. ** You will
need a copy of your credit report, visit:
Get your free credit report
100% financing can be arranged, using grant
programs or state, and city, down payment
assistance programs. Down payment is
sometimes, 3.5%. We make every effort to
lower, the amount of your down payment.
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Additional
Services:
San Francisco, Oakland, San Leandro, Union City,
Fremont, San Jose, Berkeley, Bay Area, San Jose
Area Codes, 415, 510, 925, 650, 408, 916
Links
to Nearby Businesses
FHA Resources 1
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