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What does it depend on? Are FHA loans always the same rate on the same day, know what I mean?
My score is bad, the only thing I have is good credit history for the past few years.
I think it's like 580
5% last I checked; you should know that you can get the best rate by paying points; this is well worth the upfront expense unless you are planning to sell the home in the next 3-5 yrs or so…

Will some mortgage lenders charge a higher interest rate on an FHA loan that others?

doesnt matter which lender you use….The rates and fees can vary …shop around…

I have been paying mortgage insurance for about four years now and my house payment keeps going up. Yes I have a fixed interest rate.

you can check Ah Long

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I will be a first time homebuyer. Most of my debt is student loans and my income is 29,000 per year.

Wow - that is a HIGH debt to credit ratio and your credit score..is well….icky. Do you know your debt to income ratio? Based on the info. given, you will have a VERY difficult time getting a home loan.

The debt-to-credit ratio is a proportion of your credit line and your credit limit. As a general rule, your debt-to-credit ratio is in great shape if you use less than 30% of your available credit. With a debt-to-credit ratio of 30-50%, you will generally see a 10-20 point reduction on your credit score, with 50-70%, an approximate 30 to 50 point reduction, and with higher than 70%, your credit score will significantly reduce by about 70 to 100 points. Thus, if you have high debt balances, in order to improve your credit, you should pay off your debts or lower your balances. To calculate your debt to credit ratio, divide your debt balance by your credit limit. As an example, if you have a $5,000 credit limit and your balance is $3,000, you have a 90% debt-to-credit ratio.

Umm, yes, there is still FHA loans. No clue what the other guy was talking about. The Federal Housing Administration still exists, as a subsidiary of HUD (Housing and Urban Development). Rural Development is managed by the USDA.

Assuming you're already a licensed mortgage broker in IL, your first step is to call one of your primary investors who offers FHA loans, and find out what the steps are for them to sponsor you to originate FHA loans.

Being an FHA Direct-Endorsed lender is a huge process with a high networth requirement, your own underwriters, etc… You don't need that, you just want to broker the loans. So you need someone who is FHA DE, like your main investor banks, to be your sponsor.

FHA historically required a minimum $25K networth for the business, even to broker loans. I believe they just changed that, or the change is coming, to open up more brokers to be able to sell FHA loans. You will still have to subject up to 10% of your files for audit, at your expense though, if you get FHA approval.

Talk to your favorite investor rep about it. And if you don't already have one, you're 10 steps further than you should be.

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FHA training for loan officers is more important than it has ever been. Times are tough in the mortgage business. Loan officers are dropping out like flies. Heck, even lenders are dropping like flies! The loan officers disappearing the quickest are those who aren’t experts in originating FHA loans.

Yet mortgage loans are still being made every day everywhere and in high volume. Borrowers are out in force searching for loan officers who can help them.

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Is there data available on time required to obtain and close on FHA construction finance? Specifically for a hospital?

i thought FHA was for residential only…not industrial

I know that if a person already has an FHA loan, they may refinance using the FHA Streamline process. If a person currently has a conventional mortgage loan, can they refinance using FHA? If posible, can you please provide me the resource where I can read this information. Only if that's not to much trouble. I looked on the HUD website but locating that particular information was far to cumbersome. Thank you

yes you can but the correct answer is…you can financing a FHA mortgage, but ONLY up to 95% loan to value for refi's cashouts, and it depends on the COUNTY limits…not the state limits. They have county limits….not state limits.

Streamline FHA refinance is for those who dont plan on taking money out, but those who just want a lower rate.