Yahoo Answers is shutting down on May 4th, 2021 (Eastern Time) and beginning April 20th, 2021 (Eastern Time) the Yahoo Answers website will be in read-only mode. There will be no changes to other Yahoo properties or services, or your Yahoo account. You can find more information about the Yahoo Answers shutdown and how to download your data on this help page.
Trending News
what do you need to be approved for a fha loan on a house?
have excellent credit and 2000 down and the house is 55k dollars.
2 Answers
- Dale HLv 41 decade agoFavorite Answer
You should be fine as long as you have a 2 year job history and sufficient income to support the new mortgage payment in addition to your other debts. The standard ratios are 31 housing/43% total debts vs. gross monthly income. If you receive an automated approval, you can exceed these ratios.
Be sure to ask for the sellers assistance for closing costs and pre-paid items. You can get up to 6%. That will limit your investment to the 3% minimum.
The house needs to be lendable in the as is condition to do a regular FHA loan. If it needs repairs or you want to make improvements, ask your lender about the 203k program.
Good luck.
Source(s): 7 years mortgage lending experience. - chatsplasLv 71 decade ago
Minimum 3% down payment. More the better. Sounds like you should be OK with excellent credit. Good job history?
