January 12, 2015
A reader asks, “My husband and I are trying to pay off debt and raise our credit scores to buy a home. Is there a program to help with a down payment? What are the steps needed to get approved for fha loan?”
The FHA itself does not provide a downpayment assistance program, but one may be available at a state or local agency. The FHA does have a list of state information that can help you learn what home buyer/home ownership resources might be available near you.
You can look up this list at http://portal.hud.gov/hudportal/HUD?src=/states.
Steps to an FHA home loan include planning and preparation–you should research the housing market where you want to purchase the home, examine homes for sale you want to purchase and other steps, but one of the most important things you can do in the planning stages includes monitoring your credit by looking up your FICO scores.
You should also insure that you have a minimum of 12 months worth of on-time payments on all financial obligations prior to applying for an FHA home loan.
Borrowers who come to the FHA loan application process without 12 months of reliable payments should wait until they do have a full year’s worth of on-time payments for best results.
The FHA official site has plenty of advice for house hunters and new FHA loan applicants. You can find more resources at the FHA/HUD official site page titled, “Let FHA Help You”.
Do you have questions about FHA home loans? Ask us in the comments section. You can also follow us on Facebook.
Joe Wallace has been specializing in military and personal finance topics since 1995. His work has appeared on Air Force Television News, The Pentagon Channel, ABC and a variety of print and online publications. He is a 13-year Air Force veteran and a member of the Air Force Public Affairs Alumni Association. He was Managing editor for www.valoans.com for (8) years and is currently the Associate Editor for FHANewsblog.com.
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