2009-12-16
Financing is available! Yes, you can still buy a home! With all the press of late you'd think it would be next to impossible to purchase a home! While it's true that the days of drive up financing are long gone, it's still quite easy to get a home financed assuming you meet the requirements for an FHA loan. Here are the basic requirements: 1) You will need cash for a down payment. The minimum amount is 3.5%. So let's say you want to buy a home priced at $200,000. You'll need $7,000 down. This money can come from a relative but you can't simply take a cash advance on your credit card because that would show up on your credit report. 2) Closing costs can be paid for by the seller on your behalf, up to 6% of the price of the home. This is huge! It means that the only money you'll need is the 3.5% down payment! 3) All your monthly debt payments (mortgage, car payment, credit cards, student loans, etc) added up can not be more the 41% of your combined gross monthly income. For example, if you and your spouse make $5,000 per month combined gross income and your only debt payments are $500 for the car and $250 for credit cards you'd have $1,300 left over for your home payment each month.
5) The price of the home you're purchasing must be below the FHA maximums for your county.
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