First time home buyers tax credit 2009 

GUIDELINE BASICS FOR FHA 

1. Cash out 1 year in home required to use appraised value.
2. To count part time income 2 years continuous required.
3. Income like Social Security or Support is grossed up by 125% and needs to be verified that it will continue for at least 3 years.
4. Adjustments to interest rates if loan is below $100,000.00 or FICO score is below 620, or loan needs to be manually underwritten.
5. Wisconsin Properties only.
6. 2 years out of Bankruptcy.
7. Appraisal valid for up to 90 days.
8. Offer to Purchase, Credit Bureau, and Loan Application all have to match.
9. FHA requires Mortgage Insurance on any LTV 78% or higher.
10. 97% LTV maximum on Purchase, 95% LTV maximum on refinance.
11. 0 X 30 (NO Late Payments in last 12 months.)
12. Must be Owner Occupied and requires full verification of income, including two most recent check stubs and two years tax returns with W2’s.
13. Tax and Insurance escrows required no exceptions.
14. 3 years out of previous foreclosure.
15. Gift funds allowed, gift of equity is also allowed; in some cases; source needs to be verified, (from a bank account)
16. Normal debt ratios 35% and 45% back end, some exceptions allowed.
17. No seller seconds allowed. There never is a Pre-payment Penalty.

               FHA What is an fha loan watch the videos here.

 FHA IS NOT THE ONLY GAME IN TOWN!  My Community 97, Home Possible 97, Flex 95 and 97, USDA Rural to 100% in qualified communities, Expanded Level 1, Level 2 and LP A-minus.

FHA 203K home loan:

Are you looking to purchase a foreclosure but after you see the home you know that you will never be able to get a loan on the home because of the repairs that are needed. Does it need a new roof? Are there other major issues with the home?  Well there is a program that will pay for the repairs. This program is call a FHA 203K program. Not all lenders can do this program. If you are looking for buy a home like this contract me and I can help you with a lender and the right home what will work on this program. Call Debby today at 414-403-0657