What the FHA loan is about is that the Federal Housing Administration is so fundamentally alone that it is insured by the FHA. First-time home buyers even move up to buyers and may have some credit challenges. The minimum credit requirements are set by the FHA and you can have a minimum of five hundred FICO score to the middle score. If you apply but your score is five hundred to five seventy nine, then you have a 10% down payment. That means you have to buy two hundred thousand for a house that you have put down to twenty thousand, and then you have a ten percent down to apply for a minimum credit score of five eighty or higher. A do-it-yourself three-and-a-half percent down and AJ doesn’t do anything less than three and a half percent down salon that $ 200,000 house instead of needing 10% which is 20 grand you only need three and a half There are seven thousand and again you can call for a qualifying credit score but do not confuse that with your pre-approved loan loan. Determined by the minimum average sales price for each county so exemplified by Newcastle County is four hundred and fifty dollars, but Kent County is lower and it’s a Sussex.
A first-time home buyer FHA loans no first-time home buyer restrictions If you already have an FHA loan you may not be able to afford a second FHA loan. There are a lot of people doing FHA loans that need a down payment assistance because they can get . They don’t have that green one percent over $ 7,000 but they don’t mean you can’t buy a house it means we just have a down payment assistance program FHA loan you could make $ 500 okay with the programs that the buyer should use to make sure that there are no free lunches when I say there The Delaware State Housing Authority has a preferred plus program where you can choose between two and five percent assistance if you have a three and a half.
When you have a house and we go back to the two hundred thousand, that’s what you are paying for, but it’s actually a gonna cost. If you have a first-time home buyer buying a house, you need about three and a half down to seven. The cost is a total of fifteen thousand dollars and the camera will turn the video off because you need the money and that’s where Sean and I would come in. pref example and get you for erred plus Your three and a half percent and if we do the five percent we’ve got another one and a half left to go to the bottom of the eight thousand so we have the three plus one half with the referral plus now you are in the Awesome Aging What Are You Going To Do With The Difference That Others Are Going To Talk To You When You Go To The Top 200 Maybe We Ask The Seller To Get Back To The Six Thousand Getting a three and a half percent down payment from the state of Delaware There you go, you need to buy a house so that you can get a down payment program of 1500 or two grand.
I have given you some other down payment programs that you can look at and then you are getting the seller money and closing cost so that you can find 1500 or 2000 dollars to buy a house man. I don’t do it in 30 minutes It’s all about John and myself, and I’m glad that you have all the money you need to buy a home like this. And you can negotiate with the seller to pay the closing clause until you have the money but not the challenge. Right now you are going to do it with a deposit so if you are writing an offer hey mister seller I want to offer you 200,000 for that house with you giving me back up to 6,000 my closing cost Write a check that says that you have a serious minimum of five hundred bucks let’s say it is a legal contract that you have to pay 500 bucks tomorrow if you are just kidding. for then they accept your offer they go put that 500 bucks into a listing agent’s brokerage account – holding an escrow so the seller does not get it straight and then you have to go to home inspections done. The FHA appraisal that we have had to pay for it is about 500 bucks.
The appraiser at the time is about 550 so right there in the bank 15 You know in this case if you got six from the seller and you’re getting three and a half you need to spend a total of two. Fifty-fifty up front and the remainder you will bring to the closing fee and guys if you catch that $ 2,000 you can do if you’re gonna write on your record for 2,500 somebody better than you actually buy a security deposit and then the first month’s rent right I’m great yeah you guys We have a great partnership with the company that will have a great partnership with the credit report that tells them what they need and then offer their services as professionals. It is a professional service but they do do that free consultation up front and then they actually charge it for 30 days before they even charge you a dime and then you know that ‘ They’ve got some plans to pay for and different things but they have to keep track of what they are doing every month. Improve Your Credit and Get What You Need To Do The Minimum Score We Need To Do An Example If We Do The Delaware State Housing 30 Program The Minimum Score That adds a 620 so the 580 was the minimum to get three and a half down but if you don’t have the three and a half then you need to put your netbook 4 plus program then we’ve gotta get six point yeah All right so give us one person that you can remember that it took six months to get there crayons I mean it can take as little as 60 days depending on what two years you have. A chapter 7 bankruptcy you’ve got to wait two years to get an FHA the discharge B But if you just got some small collections and high credit card balances then they will be the next cycle which will be 30 days jumps 620 Well you know the typical result for three to six months for most people to get their credit fixed because they have enough open credit.
An open wait for that to report and then they may have some derogatory items that we have to try and get them deleted so that at least a 30 day process depends on the 45 day dependence you have on a cycle of disputing and then settling on what’s left of a couple of bills and That is why every person is different and can be as simple as 30 days or as long as two years depending on what the rocket event is likely to be. It is the only investment opportunity you will ever find when you have a homeowner who stops you from investing in someone else’s mortgage. Where are you going to spend your money and your right and your real estate investment? rent for money dollars One thing bankers are sure of is that some of the people who run out of bankruptcy and it seems that some of us are out of bankruptcy. FHFA chambers with go over the first of two types of personal bankruptcies where we go to see chapter 7 The bankruptcy attorney I mean judge once you’ve done all the wiping out and then there’s a discharge. The bankruptcy at that point is a two-year wait period from the date of discharge to the date on which you file a bankruptcy. type 13 and bankruptcy which is the right choice for you Chapter 13 bankruptcy which is a payment plan right now where they look at your dad’s negotiate with the judge says what you can do to get credit. Going on a Payment Plan You can actually get an FHA loan after one year of on-time payments in chapter 13 if you’re still in it and you’re making one-year payments.
The only extra step is we have to go to the court to judge and get permis Chapter 13 Bankruptcy Court Right So Now Chapter 13 We Only Need One Year Time Payment Permit The credit bankruptcy is how it affects a lot of times their credit can go up because it has everything to do with the bankruptcy so it’s no longer a pass through collections Chapter 7 You’ve got a new credit okay or something they love so much that it’s really important that you establish a new credit that we recommend with a secured credit card ‘Get a unsecured card right after a bankruptcy okay so a secured credit card you give the bank $ 300 they give me a credit card limit they keep your 300 bucks till you cancel the card right you know a Lots of times I’ll just call John and say yeah I got a client because that’s your special right we dig in and see what options are out there FHA is a Fresh Start program which is one day out of bankruptcy short 15% down on your one-day-out-of-the-month discount of 15% on your one-day outing have the 15% down then we are looking at the waiting period we go back to an FHA okay so you guys heard this right and this may be you.