do we qualify for an fha loan?
we just got denied for a conventional loan because we wasn't willing to put 10% down on a loan. now we are having the loan officer to try and get us an fha loan. she said the choices we had were to put 10% down on a conventional loan or go with an fha loan in order to get approved for our loan. how much do you have to have down on an fha loan? i am confused. do you have to have less than 3.5% to qualify or at least 3.5% to qualify for an fha loan? we are wanting to put 5% down on a loan. i am scared we won't get our house because the conventional loan didn't go through. if she already has done paperwork for a conventional loan and is now trying for an fha loan, how long will it take to see rather or not we got approved for an fha loan. she is saying that the bank already approved the loan through them but that the mi place didn't approve our loan and said we had to put 10% down on a conventional loan or do an fha loan in order to get approved. is it just having to go through underwriting then instead of starting all over? how long should that take? i am getting so nervous. i want this house so bad. thanks for your answers.
please no go to websites, i want to know from personal experiences, not a sales ad. thanks.
- chatsplasLv 710 years agoFavorite Answer
The LESS you put down, the MORE you pay with every payment, because you have the extra costs of PMI, and the MORE you pay over the life of the loan, in interest, many times the purchase price of the house..
You must put down at least 3.5%, sometimes 5% for FHA, so if you have 5%, that's good.
It's the whole package, credit rating, debt loads, stable employment, adequate income, sufficient down payment that determines whether you qualify. Also FHA inspection of house..Source(s): real estate investor
- 10 years ago
I like the prior answer, and agree wholeheartedly. As for websites, I think there are valuable starting point in researching pertinent mortgage data and overall insight (you must begin somewhere). I've used HSH Associates before, since they have over 30 years in the industry, and I've recommended their site on several occasions.
I recommend perusing at your convenience.Source(s): http://www.hsh.com/