FHA and VA Approval

[WellManicuredMan]

I've been house hunting and found one that the realtor has said may not be eligible for FHA or VA. While I wouldn't being using an FHA or VA loan anyways, but a family member told me this means that you can't get any kind of bank loan. Is this true? I thought it just meant you can't get an FHA or VA loan specifically, but you could still get another kind of loan such as a 30 year fixed or ARM. Otherwise you would have to pay for the entire house with cash right?

Thanks for the help.

[autoxer]

Re: FHA and VA Approval

FHA loans and conventional loans both offer 30 yr fixed or ARM's, they just have different underwriting guidelines. FHA has a lower mortgage limit that depends on what county the house is in, but the FHA credit & down payment requirements aren't as strict as with a conventional loan.

[WellManicuredMan]

Re: FHA and VA Approval

FHA loans and conventional loans both offer 30 yr fixed or ARM's, they just have different underwriting guidelines. FHA has a lower mortgage limit that depends on what county the house is in, but the FHA credit & down payment requirements aren't as strict as with a conventional loan.

I see. But if a house isn't eligible for FHA and VA loans, does that mean I can't get a conventional loan either? Or any bank loan for that matter?

[Ima saver]

Re: FHA and VA Approval

I am sure you can get a conventional loan on any house.

[autoxer]

Re: FHA and VA Approval

There are many other types of loans that you can get if it isn't eligible for an FHA or VA loan, because of the mortgage limit. The FHA limit in my county is $270,750. The most you can get with a conventional mortgage is $417,000. Above that you need a jumbo mortgage. A VA loan has a higher limit, but you need to be a Veteran or Active Duty Military.

[WellManicuredMan]

Re: FHA and VA Approval

Thanks. That is what I thought! Until someone told me they thought otherwise. Thanks for clearing that up for me.