Real estate blog entries tagged with fha by Michael Mullin MLO 11911 ~ Banker/Broker FHA, VA, USDA, Conventional Loans (First Priority Financial, helping home owners in WA and CA)

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Home : Blogs : Michael Mullin MLO 11911 ~ Banker/Broker FHA, VA, USDA, Conventional Loans : Michael Mullin ~ Spokane WA Home Loans | Blog : Tag "fha"

fha: Why FHA Loans Are The Program Of Choice For First Time Home Buyers - 08/27/09 06:52 PM

One of the most popular first time home buyer programs is the HUD FHA loan. The best part is you don't have to be a first time home buyer - anyone that qualifies can use this program.
The only limitation is that the base loan amount can’t exceed $271,050 (at least in the Spokane area – higher limits apply in higher cost areas like Seattle and the Western part of our state) which equate to a home price of about $280,000. That does not mean you can’t use the program to purchase a more expensive home, it just means you will … (4 comments)

fha: FHA tightens up on credit requirements for borrowers - 05/20/08 07:23 PM

FHA has just published a significant update regarding the use of Nontraditional Credit with FHA loans. I've summarized what you and your clients need to know.
"Nontraditional Credit" means monthly obligations that a person may pay but that is not normally reported to the credit bureaus. Examples would be rent, utility payments, auto insurance, cell phone account, etc. Essentially, a nontraditional credit account would be any monthly obligation being paid to a business.
Borrowers with limited or no traditional credit must have a minimum of 3 alternative trade lines with a 12-month history. One of the 3 must be rent or … (3 comments)

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Michael Mullin MLO 11911 ~ Banker/Broker FHA, VA, USDA, Conventional Loans

Spokane, WA

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First Priority Financial, helping home owners in WA and CA

Address: 5978 Hwy 291, Suite 3, Nine Mile Falls, WA, 99026

Office Phone: (509) 252-9151

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