HUD/FHA Loans for First Time Buyers?
Me and my husband are looking to buy our first home with average credit. I want some more information on FHA/HUD loans anyone with ANY advice would help but here are some questions i have about FHA/HUD...
Whats the difference between FHA and HUD?
How do i apply for a loan(on-line?) or how to find where one is located near me?
What do i need to actually get the loan(down-payment, excellent credit?)
Also do you have to get one of the houses that they already have on the market or can you pick the one you want and then use the loan to get the house?
What are somethings that will make it a little easier to qualify for the loan?
Obviously i'm totally lost but Any additional information would help, Thank you so much!
- Big daddyLv 51 decade agoFavorite Answer
First, get educated. go to www.fha.com, fha.gov and naca.com and read so that when you are talking to people about a loan you understand what they are saying. Also, check out local realtors in your area to see if they have any first time home buyer seminars coming up that you can attend.
Your going to want a solid realtor and fha mortgage professional to assist you with finding your home and getting you into it. Networking is the best way possible here, check your contacts and see who you know that can help you, but you should know what your getting into yourself, don't put the responsibility on someone else. Whatever you do, don't apply online, you'll get blitzed with calls and if your not careful, your credit could get pulled many times and possibly hurt your credit scores. I know many mortgage professionals across the country, both realtors and brokers that can assist you, but do some research first, good luck and feel free to ask me any questionsSource(s): mortgage broker
- Ed AtunLv 71 decade ago
You can make this whole experience fun. It is fun. FHA and HUD are the same. They don't loan you any money. They just promise the local bank that the bank will lose zero money on your loan if you don't pay the bank. The bank likes that. They lose nothing. You pay into a fund to cover this. Like an insurance fund; but not fire insurance or death insurance.... just insurance for if you don't pay the payments.
You need a job; you need a little money in the bank; you need to have a 620 credit score. You can be moving into your new home in 30 days. /