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Liberty Mortgage, Inc.
509 W. McKinley Avenue
Mishawaka, Indiana 46545
Telephone 257-0629
or 888-568-1786
Fax 574-257-0632
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FHA does not credit score. They are the easiest credit loans to do. You must have relatively clean credit
in the last twelve months but isolated circumstances are permitted as long as the reason is extremely
valid and documentable. There are no income limitations in FHA loans but there are loan limits per county
resided. The seller can pay up to 6% towards your closing costs and there are no payment reserves required.
All FHA loans require a minimum of 3% of the buyers money in the transaction, but it can all be a gift
from a family member or it can come from a non-profit organization, thus you can do 100% financing.
FHA houses must be free from defects and pass a stringent appraisal. You can not buy a "fixer upper"
under FHA unless you do a 203K program which can include money for rehab, but they are long and tedious
to do. However, you can price repairs into any contract, but the repairs have to be done before closing
and will be paid for with sellers or buyers money at closing.
FHA lending will allow you to purchase
a home just two years after a Chapter 7 bankruptcy discharge as long as there has been no bad credit
since the discharge. FHA also says that if you are doing a Chapter 13, there are no delinquent payments
during the Chapter 13, you are half way or more through your repay period and you can get permission
from your trustee to buy a home, you can purchase a home. Liberty Mortgage also offers a "high risk"
FHA program that will consider a purchase just one year after a Chapter 7 discharge, if the reason for
the Chapter 7 was totally out of your control and not likely to happen again (i.e. medical, death, etc.,
not I ran up my bills and couldn't pay for them). Please call us with your scenario. Consultation is
always free of charge.
All FHA loans will be automated underwritten for approval. Ratio guidelines
are generally 29% of your gross monthly income for housing payment and 41% of your gross monthly has
to cover all your payments including housing that appear on your credit report including child support.
On most 3% down FHA loans, there is an "up-front" mortgage insurance premium that is 1.5% of the
loan amount as of January 1, 2001, but this can be financed into he mortgage over the base loan amount.
There is also a monthly fee of 1/2 of one percent of the loan amount divided by 12 months added to your
payment.
Terms available:
15 and 30 year fixed
1 year adjustable rate mortgages
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