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Down Payments
Can I exceed the ratio?
You may qualify to exceed if you have:
  • A large down payment
  • A demonstrated ability to pay more toward you housing expenses
  • Substantial cash reserves
  • Net worth enough to repay the mortgage regardless of income
  • Evidence of acceptable credit history or limited credit use
  • Less-than-maximum mortgage terms
  • Funds provided by an organization
  • A decrease in monthly housing expenses
How large a down payment do I need with an FHA loan?
You must have a down payment of at least 3% of the purchase price of the home. Most affordable loan programs offered by private lenders require between a 3%- 5% down payment, with a minimum of 3% coming directly from the borrower's own funds.
What can I use to pay the down payment and closing costs of an FHA loan?
Besides your own funds, you may use cash gifts or money from a private savings club. If you can do certain repairs and improvements yourself, your labor may be used as part of a down payment (called "sweat equity"). If you are doing a lease purchase, paying extra rent to the seller may also be considered the same as accumulating cash.
How does my credit history impact my ability to qualify?
The FHA is generally more flexible than conventional lenders in its qualifying guidelines. In fact, the FHA allows you to re-establish credit if:
  • two years have passed since a bankruptcy has been discharged all judgments have been paid
  • any outstanding tax liens have been satisfied or appropriate arrangements have been made to establish a repayment plan with the IRS or state Department of Revenue three years have passed since a foreclosure or a deed-in-lieu has been resolved.
Can I qualify for an FHA loan without a credit history?
Yes. If you prefer to pay debts in cash or are too young to have established credit, there are other ways to prove your eligibility. Talk to your lender for details.

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Keith & Gina MacRae
Albuquerque Brokers

Direct: 505.792-7628
Office: 505.898.2700
Fax: 505.792.7676

Contact Us


Coldwell Banker Legacy
10300 COTTONWOOD PARK NW
ALBUQUERQUE, NM
87114


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   HomesOfAlbuquerque.com will guide you to Albuquerque, Rio Rancho and Corrales, NM homes for sale and property listings. You will also find an extremely valuable treasure of knowledge. Keith & Gina MacRae, is a licensed real estate agent for Coldwell Banker Legacy. Highly trained, educated, and experienced to efficiently, promptly, and professionally meet your expectations, dreams, and goals. We serve home buyers, sellers and investors with all their real estate needs.  We will help you buy or sell your house, condo, townhouse, loft, land, lot, apartment, condominium, properties, et cetera.
   You will also find hundreds of pages of information, advice, methods, techniques, and more, all regarding real estate. Reports are available in a print-friendly format. It is like a mini-seminar, a training course on buying, selling, investment strategies, preparation, financing, legalities, and so much more. You will be made aware of the pitfalls in buying and how to avoid serious mistakes when selling. Discover why this professional real estate agent will make your home buying and/or selling process less stressful and virtually pain free. You will understand how to come out ahead in your negotiations to make your transaction a memorable and profitable experience. There is even a guide on how to sell your home yourself, without an agent or broker. This is known as a "fsbo" or for sale by owner. You will learn what it takes to sell property and understand how and why real estate professionals earn their commissions.
   All is expertly written by a highly successful retired real estate agent/broker. Taken from his actual weekend seminar curriculum that was presented to agents, brokers, home buyers, sellers, and investors across the United States and Canada.
   In addition, we have provided numerous links to sites of local interest and official governmental websites. These will assist you in your search for a home or a buyer for your home.
   Learn from our website, search our real estate listings, then contact Keith & Gina for relocation information in Albuquerque, Rio Rancho, or Corrales, New Mexico.

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