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down payment: FHA to allow Tax Credit as Downpayment - 05/12/09 04:31 PM
Just announced that FHA will permit the $8,000 tax credit, via a "bridge loan", to be used towards the down payment.
This is done by an approved nonprofit or governmental agency who typically will give the loan on the condition of being provided certain documents at closing (Final HUD namely), and will require that the credit be filed for that day.  The loan is recorded in 2nd position on title, typically interest free, and is released when it is repaid. Missouri started this before FHA made this announcement, and they require theirs to be repaid by June 2010.  Washington, Colorado, Idaho, … (1 comments)

down payment: FHA Manual Underwriting: The Rule of 3 - 11/03/08 05:29 PM
If you can't get approved for an FHA loan through automated underwriting, then your loan might need to be manually underwritten to get approved. Having 3 compensating factors is a good rule of thumb when going for a manual underwriting approval. Compensating factors are when you are better off than whatever the minimum requirement is. Compensating factors aren't needed all of the time but if there is anything questionable or borderline about a person's situation, they are better to have than not to have. A list of compensating factors is:- More than the required down payment, in increments of 5% (95% … (0 comments)

 
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Shane Milne

Laguna Niguel, CA

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First National Bank of Layton

Address: 24452 Sunshine Dr, Laguna Niguel, CA, 92677

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