Question by balkaran a: FHA LOANS 3.5% DOWN PAYMENT? ME AND MY WIFE ARE LOOKING TO START THE PROCESS OF BUYING A HOME IN MAY AND WE HAVE BEEN SAVING AND WAS WONDERING IF WE GET INTO A CONTRACT WITH A SELLER CAN WE HAVE 3.5% BY CLOSING OR DOES THE SELLER WANTS TO SEE THE 3.5% NOW WHEN WE GO TO CONTRACT DOES THAT MEN THE SAME FOR BANK OWNED ALSO WE WILL BE PRE QUALIFIED ALREADY Best answer for FHA LOANS 3.5% DOWN PAYMENT?:
Answer by the kid
You need the money at closing, but you;'ll need to show the lender that you have it before that.
Answer by spalmer
The down payment is needed by closing - the seller doesn't need to see your financial information. Lenders will look at your accounts to see if you've had the money (or a good portion of it) for 90 days.
Answer by ibu guru
That 3.5% might be the minimum stipulated for FHA, but frankly, even FHA deals are generally only going through with 20% cash down payment, plus closing costs, plus 3-6 months of reserves. Credit score minimum of 700-720. Mortgages are scarce, lenders are not lending. You run a very serious risk of not being funded at closing even if you were approved. Pre-qualified means diddly these days. And lenders want to see a record of regular savings over a period of time to accumulate that 20% down payment, too. You need to prove to them that you have the money. For the seller, some states expect a binder, typically 1%, or "earnest money deposit" when you submit the offer. If the offer is accepted, the binder is held in escrow as part of the down payment until closing.
Answer by rswpbc
Even if you are pre-qualified it only means that you may qualify for a loan up to a certain amount. The loan originator is going on basic information that she feeds into the system and the system is accepting it. You will be asked to give more information as the transaction goes along. On an FHA loan, you will need 20% down but you can ask the Seller to pay your closing costs. Your Earnest Money Deposit will have to be 3% Now on a bank owned property it can be tricky since you are working directly with the lender. You should try and get pre-approved for this transaction because it will pull more weight. You also have to remember that the lender in the beginning is actually going to sell your loan because that is where they make the money so even if you are accepted at first you still may not close at the end of the transaction. What I suggest you do is go online and get your credit report and print it out so that you have a copy before you speak with a lender. Look over your credit report and make sure it is correct. Normally the lender looks for utility bills paid on time, revolving charge cards are in good standing, car loans do not count and neither does medical bills. If you were late in paying rent on a frequent basis, this could be a red flag to the lender that you might be a higher risk than normal for making payments on your new loan.
Bank Of America has agreed on a 5 million dollar settlement after claims that it's Countrywide Financial unit gave higher interest rate loans to black and Latino borrowers regardless of their credit score. The Young Turks host Cenk Uygur breaks it down. www.nytimes.com Subscribe to The Young Turks: bit.ly Download the politics or entertainment hour of this TYT episode: goo.gl The Largest Online New Show in the World. Google+: www.gplus.to Facebook: www.facebook.com Twitter: twitter.com
http://kharijohnson.com// Bank Of America Minority Home Loan Settlement - 5 Million
Mortgage lending down 5%. Vicky Shaw. Thursday 19 July 2012. Tweet. Print. Your friend's email address. Your email address. Note: We do not store your email address(es) but your IP address will be logged to prevent abuse of this feature. Please read ... Mortgage lending down 5%
Before, there are actually lots of mortgage programs offered with zero down payments. However, this is not the situation happening in the market today. If you are persistent on finding a no down payment loan, you really have to try very hard and exert more effort because this will not be a very easy hunt. There may be some loans still left offering no down payment at all, but you might need luck to become eligible for it. When you decide on things pertaining to loans, make sure you really think about it very carefully. Do you think getting a zero down payment loan will make much difference if you get a regular loan? Consider the advantages and disadvantages of different types of loans first. Before you formally start the process of buying a home, let us say, a Destin real estate property, you have to be ready will all the financial matters so you have less things to think about when you start looking for Destin Homes for Sale.
You can start searching online for Destin MLS. If you are still having problems as to where to find cash for the down payment, below are some ways you can consider: a. USDA Rural Housing Loan Loans of this type is made available so that more interested buyers will be encourage to purchase residential properties in the rural areas designated by the government. Terms and conditions of USDA Rural Housing Loans are very flexible so you may want to discuss your plans to the creditor first to make sure you are treading the right path. b. VA loans To be able to be eligible for a Veteran’s Administration Loan, you have to be a former member of the Armed Forces of the country. You have to get a Certificate of Eligibility to apply for this loan. Veterans are the major beneficiaries of this type of loan, and if you are one of these people, make sure to talk to a mortgage professional to know more about it. c. Local bank You can shop around for loans offered in your local banks. They usually have mortgage programs for the legal residents of the area. There are actually small banks that offer a zero-down payment loan for first time home buyers. Before, there are lots of loans from local banks offered without requiring a down payment, but the number decrease so much in the last years. Your buyer’s agent may have some knowledge about this loan. d. Credit unions Go to credit unions you are a part of and inquire about home loan programs they offer for their members. Financial institutions like credit unions are very helpful for interested home buyers. e. Employers There are still companies and employers today that give loans to their trusted people with zero down payments. Try to inquire if your employer is one of the remaining few who still gift their employees with a loan or a 3.5 percent down payment grant for the property. Talk to your boss and maybe, he or she can provide you a benefit like this.  Related Loans with Zero Down Payment Issues
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