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Anyone know a bit about FHA loans?
I understand about different criteria you need to qualify. minimum credit score of (usually 580) have a good payment history of around 2 years, loan cant be more than 31% of gross income and you cant have more than 41% of debts to income. I am looking for answers from people who have gone through this process and / or loan people who know about this. my question is that I get that FHA is only a loan insurance provider.. you still need to qualify from a primary lender and they may have their own criteria.
Here is my credit markers
640 credit score
2 1/2 years of on time payments
18% debt to income ratio
loan would be for 28% of my gross income
I have 5 "potentially negative" marks on my credit report however they are more than 3 years old
I would be able to put approx 5% - 7% down payment
Anyone know what my chances would be to qualify for FHA.. are there any other criteria i would need to meet?
yes got that part already. credit cards are 0.. and those "negative accounts" are paid/closed
Thanks
Thanks
1 Answer
- Go with the flowLv 79 years agoFavorite Answer
Edited: Call a bank and make an appointment to be pre-approved for a mortgage.
Go to bankrate.com and click on mortgages.
Then type in your zipcode. Compare banks.
Note that you won't get those best interest rates with 640.
You might pay 1% higher. Do not buy points.
3.5% down required, but there are other cots so 7% in funds sounds good.
Get a book from your bookstore (or library) called
Buying Your First Home for Dummies
(not an insult - great book and easy to read).
