Interview with Craig Snyder ERA Mortgage about FHA loans

November 16, 2011

ERA Mortgage Craig Snyder and Rick Knight about FHA loans.

Rick ask Craig, “Can you give us an update on FHA loans with ERA Mortgage.  Like what kind of down payments, credit scores etc that are needed?”

Craig reply’s,”Standard would be 3.5% for the down payment.  The only exception would be a HUD REO property only requires $100 down payment.  Also, minimum eligible credit score is 600.  ”

Rick,”  And how about the loan limits?”

Craig,” Current loan limits vary by county, but most in our area around Charlotte are at $271,000.”

Rick,”  What are the qualifying rations?”

Craig, “Standard are 31% on the front ration and 42% on the back ration.  So, the front ration is the mortgage payment, taxes and all insurances divded by gross monthly eligible income.  The back is the same payment plus all monthly debt divided by gross monthly income.”  Adds Craig, “ Debt ratios can be expanded based on customers qualifications.  So they can go higher somtimes.  Sometimes as high as 50%.  ERA Mortgage can loan to borrowers with no established credit or limited credit if they qualify.”

Rick,”  Thanks Craig.

If you would like more information about qualifying for an FHA home loan or conventional financing please contact Craig Snyder ERA Mortgage at 704 280 6868 or call ERA Knight Realty 1-888-892-7373 to get started.