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fha: VA Loan Guidelines Are More Flexible -- UPDATED - 07/16/08 07:59 PM
There are more and more eligible veterans who want to use their VA benefits to buy a home & why not?
The VA Home Loan Guarantee program provides mortgage insurance with 100% financing There is no monthly mortgage insurance required with this program It offers unlimited seller paid closing costs for non-recurring costs Allows for up to 41% DTI ratio The credit guidelines are more flexible than FHA or conventional loans There are no minimum credit score requirements Check with these valuable resources for mor information:
VA LENDERS, SERVICERS AND REAL ESTATE PROFESSIONALS PAGE: http://www.homeloans.va.gov/ls.htm
VA Eligibility Rules re: how to … (10 comments)
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fha: New Guidelines for Non-Traditional Credit - 05/18/08 02:37 PM
I came across an article outlining FHA guidelines. I wanted to share this with other AR professionals who talk with people who believe they aren't able to buy a home.
Here's a few of the non-traditional credit guidelines that may help your clients:
1. The borrower may have no collection accounts appearing on their credit report within the most recent 12 months.
2. There may be no more then 1x30 day late in the most recent 12 months on any of the non-traditional credit trade lines.
3. Borrowers ratio’s may not exceed the 31/43% housing to income and debt … (6 comments)
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fha: 100% Financing Still Available - 05/12/08 12:36 PM
Many homebuyers, especially first-time-home-buyers, believe they haven’t got a chance of being able to qualify for a home loan for a especially if they are looking for 100% financing. This is not only sad but extremely untrue!
There are not only financing options that don’t require a down payment such as VA loans and FHA has both ARMs and Fixed rate mortgages that aren’t FICO driven. Cal-HFA, which is based upon CA tax bonds, is intended to increase home ownership in CA, has first time home buyer programs along with down payment assistance programs.
There are other down payment & closing … (2 comments)
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fha: It's a Great Time for Buyers - 04/25/08 02:49 PM
Those who think they’ve been excluded from the dream of owning their own home need to think again. While it’s true many conventional lenders have tightened their lending & underwriting requirements there are other programs that have become more flexible.
Grants offer down payment assistance,FHA gives borrowers competitive interest rates & flexible debt-to-income ratiosVA & Cal-Vet loans offer lower than market interest rates, a low or no down payment and expanded eligibility so that nearly every veteran can buy a homeSpecial programs for Police, Firefighters, Healthcare Workers and Teachers … (10 comments)
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Lynnette Phillips Real Estate Consultant
Yucaipa,
CA
More about me…
Address: Yucaipa, CA, 92399
Cell Phone: (909) 327-8600
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