FHA:Attention Mr.Ed Garcia - Posted by Jesus M Collazo

Posted by Ed Garcia on January 07, 2001 at 15:36:54:


FHA loans are not a catch all for financing people with credit problems or who are out of budget. Their loans are calculated differently than conventional financing, and yes, sometimes they are easier to qualify for from the standpoint of credit, and debt to income ratios. There are program in the secondary or Sub-prime market, that will lend, at 45% debt ratio.

What I don’t understand is since you’re working with a broker, then why isn’t your broker pre- qualifying you for an FHA loan, as well as conventional?

Jesus, as you know, you haven’t provided us with enough information about you or the deal. Rather then go into that now; my suggestion is for you to allow your broker to finish his job. He already has a head start on the information that you’ve given him, as well as an up to date credit report. Since the buyer choose the broker, the buyer is more likely to work in conjunction with the broker. If and when the broker fails, then I would suggest for you to get the facts as to why the broker could not get your deal down, and call me. I will then help, by restructuring the deal based on the out come.

If not, I will just be guessing and talking hypothetically.

Ed Garcia

FHA:Attention Mr.Ed Garcia - Posted by Jesus M Collazo

Posted by Jesus M Collazo on January 07, 2001 at 12:35:45:

Hello Mr. Ed Garcia
Terry Vaughan asked me to refer the following question to you for help.

Can you share your knowledge on how to get an FHA loan?
My credit is poor .My income is about 45% the loan to debt ratio(so a
conventional is out) and the house Is for my personal residence. Its worth
$57,000 and I can get it for $38,000 it needs minor cosmetic work.I do
qualify as a first time home buyer!I have a buyers broker working for me
that is also an investor and would really like for me and my
family to own before other investor jump in.Thanks!

P.S. Please forgive my ignorance if I missed including any additional info.I
will provide additional info as needed. Thank you!