FHA Loan for the Home Buyers | Property Investment Assessment Answers

Best Type of Loan - FHA Loan for Home Buyers

The best type of loan is FHA for the home buyers. And after reviewing the condition we see that this type of loan is suitable for them.

This type of loan is helpful as because there would be lower credit requirement for this type of loan .

Total Assets Existing property Investment savings

520,000 54,000 4950

578,590

Total Liabilities Mortgage Personal Loan Credit Card Limit

356,000 14,500 10,000

371,500

Surplus Total Assets Total Liabilities

578,590 371 500

207,090.

LVR FOR THE PROPOSAL

PROPERTY VALUE/BORROWED AMOUNT 100

385,000/460,000 100

83.69

LVR FOR OTHER PROPOSAL

290,000/460,000 100

63.04

The borrowers fund position in relation to property settlement tell us about the amount of security, commodity as well as currency that is owned by the borrowers by which there is a relation to the property settlement and it would be depend upon on the market trends, the fluctuation movements, moreover the fund position to property settlement that makes the position which that can be profitable or unprofitable.

Steps in process of borrowing funds from loan are:

Step 1 Pre-Qualification stage

Step 2 Mortgage program and rates

Step 3 The application phase

Step 4 The Loan estimate stage

Step 5 The Intent to ProceedStep 6 Processing phase

Step 7 Required DocumentsStep 8 Credit Reports stage

Step 9 Appraisal BasicsStep 10 Underwriting phase

Step 11 Closing DisclosureStep 12 Closing phase

Step 13 Summation last phase

LMI calculate

Loan (owner occupied)290,000

Property Value335,000

LMI 3190.00

LVR 86.57.

Overtime when there would be an extra time wages been done in the case of the service sector.

Second job when a person quit the job at the time of serviceability.

Unemployment benefits It include when the person using the benefits related to unemployment in the service so that it can be beneficial for the unemployment.

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