Question by : Is now a good time for me to apply for a mortgage? I am planning on applying for an FHA or HUD mortgage loan. I have poor credit, though no delinquent accounts, just a lot of inquiries and high percentage of overall credit. I am twenty one, I make $ 12.40 an hour and will be applying with my boyfriend who makes $ 8.30 an hour. We have had an apartment for one year on January 27th. Should I apply now, or wait until I have had my rent for one year? Does it matter? Due to certain circumstances, we can not get married now, or anytime in the near future. Please, no one comment on this, as this is not what my question is about. I will add though, what sort of difference does it make to a lender if the couple is married or not? Thank you. Best answer for Is now a good time for me to apply for a mortgage?:
Answer by Jordan
It's NEVER a good idea to apply for any financial contract with a person who you are not married to. Get married first, then apply as husband and wife.
Answer by Demitria Blaine Real Estate
As a Real Estate Agent I can honestly say applying for a mortgage anytime in the next 4 years is going to be tough..........but just do it! Get it over with. Better chances with HUD.
,In an effort to stabilize home values and improve conditions in communities where foreclosure activity is high, HUD Secretary Shaun Donovan today announced a temporary policy that will expand access to FHA mortgage insurance and allow for the quick resale of foreclosed properties. The announcement is part of the Obama administration commitment to addressing foreclosure. Just yesterday, Secretary Donovan announced billion in Neighborhood Stabilization Program grants to local communities and nonprofit housing developers to combat the effects of vacant and abandoned homes. "As a result of the tightened credit market, FHA-insured mortgage financing is often the only means of financing available to potential homebuyers," said Donovan. "FHA has an unprecedented opportunity to fulfill its mission by helping many homebuyers find affordable housing while contributing to neighborhood stabilization." With certain exceptions, FHA currently prohibits insuring a mortgage on a home owned by the seller for less than 90 days. This temporary waiver will give FHA borrowers access to a broader array of recently foreclosed properties. "This change in policy is temporary and will have very strict conditions and guidelines to assure that predatory practices are not allowed," Donovan said. In today's market, FHA research finds that acquiring, rehabilitating and the reselling these properties to prospective homeowners often takes less than 90 days. Prohibiting the use of FHA mortgage ...
http://myadaily.com// HUD Temporarily Waives 90 Day Flip Rule for FHA Loans
“The credit changes to FHA loans that were to take place would have crashed the home purchase market around the country again and placed undue burdens on consumers. Now that HUD has backed off on the changes, housing has a chance to rebound ... TexasLending.com to Discuss Cancellation by HUD of Credit Changes to FHA ...
The Department of Housing and Urban Development (HUD) has restricted the use of FHA loans for condominiums. The new rules state that no more than 30% of the units in a condominium complex can be financed with FHA loans. To make matters worse, 50% of the units must be sold before FHA will make any loans in that complex. What??? FHA loans are ideal for first time buyers because they allow for low down payments of only 3.5%. Condos only exist in states where prices of houses are too high for first time buyers. What are first time buyers going to do? Save up 10% and finance with a conventional loan? They just took FHA away from the market it was designed for.Â
The new rules only apply to new condominium complexes that get assigned an FHA case number on or after October 1, 2009. So sales in existing condo complexes can go on as before. What this will do is stop any new condo complexes from being built.
Any new condominium complexes built after October 1 will not be able to sell many units.
Their target buyer will buy an existing condo instead because they can get FHA financing on that but not on the new condo. If I was a homebuilder right now, I would look at any condo complexes that I was planning. If I could get an FHA case number before October 1, I'd do it fast. Anything else I'd put on hold. There's no point in building new homes you can't sell.This applies to any complexes of 2 or more units. This affects no only large builders selling condos in complexes with multiple units, but also the spec builder who is building and selling two or four condos at a time.
As the housing market is trying to recover, first time buyers will be the group that gets things off the ground.
After all, they don't have to wait until their old house sells. This will slow down that market, and effectively limit it to already existing condos. Find More HUD Restricts FHA Loans on New Condos Topics
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