First-Time Home Buyers Loans insured by the Federal Housing Authority (FHA) are designed to help everyone realize the dream of owning a home. And they’re ideal for first-time home buyers!
Because the FHA insures these mortgages, FHA lenders can work with borrowers who've had credit problems, collections, past bankruptcy filings, or debt-to-income ratios that are higher than normally allowed.
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Applying for an FHA loan Getting in touch with a specialist through MyFHA is simple. We’ve combined the speed and ease of the Internet with the hands-on help our customers expect. Once you click online, we enter your information into our database and begin a preliminary review. Then, we match you with the right specialist for where you are right now.
The Interview During the phone interview, your specialist will discuss with you where you are right now and help you determine your best way forward. If you don’t pre-qualify right away, your specialist will suggest ways to improve your profile, so you may become eligible in the future. Within 10 minutes, you’ll usually know if you're ready for a mortgage. The interview is also a great chance to get acquainted with your specialist, who will play an important role in your becoming a homeowner. Good communication with your will increase your chances of a successful and speedy process!
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Loan Processing, Processing a mortgage involves gathering documents to verify information. Forbes has an excellent article on assembling all of the documentation that you may need which may include (but is not limited to) W-2 forms, two-weeks of pay stubs, credit reports, and bank statements. After your approval, you’ll receive a pre-qualification that includes a checklist specific to your file. This checklist will itemize all of the things you must submit before receiving a commitment.
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Closing your FHA loan The closing is the "end of the line" in obtaining a mortgage. At the closing, you will sign all of the required mortgage documents. If it’s a new mortgage, you’ll collect your new keys and then take possession of your new home. If it’s a refinance, you’ll immediately start to enjoy the benefits of a new interest rate, cash out, or both!
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Negotiate and Settle Your Debts Collectors only have a limited amount of time to attempt collection of payments, because of the statute of limitations. First, determine if the statute of limitations for collecting this debt in your state has passed. If the last payment or charge you made on an account is older than the statute of limitations, tell the collector. Then tell them that they are wasting their time by harassing you for an uncollected debt, since the original creditor or the assigned collection agency cannot succeed in court by getting a judgment. Certain debts are good candidates for settlement, for example, most unsecured debts can be settled.
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An unsecured debt is a debt where there is no collateral. Unsecured debts include medical bills, credit cards, department store cards, personal loans, collection accounts, deficiency balances remaining after foreclosure or repossession, and bounced checks. There are a few creditors who will never compromise, but most will take a less-than-full payment as settlement-in-full, but make sure you get any settlement in writing. You have the natural advantage in debt settlement, because you have something the creditor wants, and you must hold out for your terms until the creditor gives you what you want. But once you've written that settlement check, your advantage disappears. Get the settlement terms in writing, long before you even consider sending a payment. Everything must be in writing and, even then, you will likely have some work to make the creditor live up to their end of the bargain.
Getting any penalties and additional interest removed or reduced should be your first goal in negotiating on the debt. Most companies would agree to you paying the original debt, even without the extra penalties, and will often be willing to waive these fees, just to get some money paid. As long as you have made no payment or agreement to pay, time is on your side. The longer the debt remains unpaid, the better your chances will be of getting a good settlement. Eventually, the creditor will have to consider the bad debt a loss in order to receive a corporate tax write-off. This does not necessarily mean that they won't pursue you for the debt. The corporation may then collect on the debt themselves, sell or assign the debt to a collection agency, press for a judgment and garnishment, or temporarily ignore the debt. The course of action chosen by the creditor will vary widely from corporation to corporation and debt to debt.
If you are contacted by more than one collection agency on the same debt, it may mean that the original creditor has retained a secondary or even third collection agency. This may indicate that the original creditor and perhaps the first collection agency have given up their collection efforts. A collection agency agreeing to take this bad debt at this stage will likely insist that the original creditor pay a fee (usually 50%-60% of what is owed). Many of these collection agencies will in turn accept 33-55 cents on the dollar, and if the collector has been unable to contact you by phone, but knows that you are receiving their letters, they may be willing to take even less.
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Never appear too eager to settle. If you let slip that you really need to get this settled to get into your dream home, forget any kind of reasonable settlement, the creditor will most likely insist on the full balance. Just keep reminding the creditor that the statute of limitations is approaching, and after that date, the debt will become uncollected. To be effective, know when the statue is up on each debt, and be prepared to share that information with the creditor.
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