As A Real Estate Broker Can I Get Fha Loan 100 % Financing, Which Is For First Time Home Buyer ?
November 14, 2009 by admin
Filed under Ikofx | Forex Stories
As a genuine estate attorney Can i get FHA Loan 100 % financing, that is for initial time home customer ?
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How did you manage to work as an agent for years and never buy a house?
How did you pass your brokers test and not know this? I know the agent test is easy, but the broker test requires actual knowledge.
Your income as a broker should be too high to qualify. I can’t believe you did not buy something years ago.
Yes you can buy a home through FHA. There are many programs out there and FHA might not be the best. FHA is good for borrowers who have not so perfect credit, it allows them to get the market rates with a few credit blemishes in the past.
There are no income limitations but there are sales price limitations, depending on your area.
With FHA and most programs out there you are going to have to document your income through tax returns since you are considered self employed.
If you have a lot of business writeoffs and do not report any income to the IRS then it is going to be tough for you to get financed these days with zero down at a good interest rate.
FHA is not a 100% program it is a 3% down program the seller can pay your down payment through Ameridream.
You need to get together with a lender and go over your options.