Achieving An Fha Loan
There are many things to consider when applying for a mortgage or FHA loan to fund your home
. Sometimes, there are things getting in the way of you being approved.
An FHA loan is one of the easiest mortgages for which to qualify. But, when considering any type of home funding, it is important to get past things like student loans which may prevent you from qualifying for the type you are hoping for.
Especially with an FHA loan, there is a way to get approved. So, do not give up until you have researched all the options and talked with qualified professionals.
Here is some advice for those who have graduated from college or who are still continuing their education. Apparently, 75% of college graduates with student loans said that the payments prevented them from buying a house or car.
By following the tips listed, you may avoid being in the same boat. Between tuition, room, board and textbooks, the student loan money may already be diminished.
However, eating out, buying music and clothes, going on spring break or otherwise funding a high class social life are not things you can justify spending that money on. Make sure you stretch it out, and do not be in a hurry to spend it.
Owning a home is almost every American's dream, but millions of college graduates are currently struggling to make it under the burdensome student loans and credit card debts which make the dream of a home ownership sometimes seems totally out of reach. However, through advance planning, careful spending and earning as much money as possible while you are in school can help limit the burden of a student loan and its accompanying repayments.
Even if you do not use your money for eating out, partying, spring break trips, clothes, jewelry, expensive haircuts and coloring, electronic gadgets, CDs and more, you may still have to borrow more money eventually to continue indulging in these types of things. You need to remember that every dollar you save is a dollar less, plus interest, that you will not have to borrow.
Just remember to use that granted money for financing your education rather than your lifestyle. You will basically be paying off student loans over a period of ten to twenty years, with interest.
So, you will need to keep them as minimal as possible. Many students today accept student loans as a fact of life, but they do not always have to be; there are many ways to avoid them.
Financial aid, summer jobs, part time jobs during the school year and careful budgeting and spending can greatly reduce and even eliminate the need for such loans. Lenders warn that student loan payments exceeding 8% of your income are considered unmanageable; so, keep that in mind.
Here are some strategies to prepare financially for home ownership after college. If you have $10,000 or more in student advances, you may be able to consolidate at a lower rate to lower your payments and use the savings to put away for a down payment on a home.
You should also set financial goals early to prepare for the upcoming goals you may have. You should also avoid credit card debt at all costs.
You should have one or two major credit cards and pay the balances off every month. If you must carry credit card balances, transfer them to cards with lower rates whenever possible.
You should also establish a record of paying your bills on time so you do not damage your credit score. This is very important when you want to get the best interest rates on mortgages, FHA loans, car advances and many other financial grants.
You should also stay in the know on your credit report. Checking it annually for any inaccuracies and resolving them immediately can help you keep it under control.
You should also avoid taking out any new loans or applying for any new, additional credit cards in the months before you begin the search for a new house. You can also prepare a realistic budget to make sure you can really handle the mortgage payments on top of your other debt.
So, just remember that achieving an FHA loan is possible. Take these steps to prepare for a mortgage of any kind.
by: Tom Selwick
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