FHA loan anyone?

[soggadu]

Guys...anyone of you have availed an FHA loan before? How can i know how much can i avail?

[valuablehurdle]

I did apply for FHA loan. Anyone can qualify. The down-payment can be lower than 10%...However, there is a premium for it. The guidelines are more stringent... However, if you want to use the property as the primary residence initially, go for it. Good luck.

[meso129]

You can avail FHA as long as you meet the criteria (credit,downpayment etc). You can qualify for as low as 3% down payment and rest loan. FHA loans carry little higher interest than conventional (almost 1% or so), Also if your downpayment is <20% you would need Private Mortgage insurance (PMI) which will cost additional 150-300$ extra.

Good thing with FHA is they have programs which will allow you to Buy a property and renovate with single loan (conventional doesn't allow). Also it needs to be your primary residence (investment property doesn't qualify).

http://banking.about.com/od/mortgages/a/FHALoans.htm

[nishant2200]

I did. How much can qualify, that bank cam tell u, if u apply for preapproval. You supply actual docs and they run credit check and a loan program that actually fannie mae and freddie mac use, to determine that ur loan can be backed by them.

[moddalosatti]

I did apply for FHA loan and qualified. The amount is based on your credit worthiness.

[Stemcell]

Guys...anyone of you have availed an FHA loan before? How can i know how much can i avail?

Soggadu bhai,

Every state has its cap on FHA i heard.
When i took an FHA loan in 2010, the state of Georgia had a cap at $270,000 beyond which if you home was worth then you had to downpay the difference or come up with the extra money either by another line of interest.
Check with what NJ guidelines are ( Are you buying in Edison ?).
Either way a good realtor will explain all that, and good realtors are as common as white elephants !