What are the qualifications for a FHA LOAN?

i work under the table making at the least 800 a week , i have been at this job for 9 months,before that i worked under the table as well, my credit score is in the low 600 hig 500's with old collection account but 3 good standing accounts now. My husband worked under the table for years and has just recently in the last 4 months have been above the table making 1600 a month aprox. with a low credit score and no open good standing accounts, we want to buy a town home for aprx 140000 do you think we can qualify? BTW we live in saint george utah!


i will not changing jobs, i am an in home nursing aide and jobs usually pays about 10 an hr and i get paid 16.50 hr i usually take home about 1200-1600 a week but no less then 800 but i depost my checks in my bank account, can this be used for proof of income?

2 Answers

  • Anonymous
    1 decade ago
    Favorite Answer

    Hi guys, i am approved to do FHA loans and they take any credit score and have fantastic 30 yr rates. But you have to be able to prove your income and job history for one year at least. Cash out FHA can lend up to 95% of value of home and Rate and Term or purchase they will go to 97% with assumable rates around 6.25%...But again the most important part to a FHA loan is income / job history and quality of the home.....feel free to email me with any

    questions...best QFM

    u can do a 6 month bank statement program, using 6 months of your deposits into the bank....but required a 620 score....best

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  • 1 decade ago

    If you are working under the table they will not be able to use your income.You have to have a job where you can show paystubs,and W2 they can use your husbands income.1,600 a month will not qualify you for much, if it qualifies you at all.You may be able to qualify for a small loan once you both have fixed your credit scores.Your scores should at least be in the mid 600.I would say around 650 or so.This is my advice tell your husband to stick with his job.You should change jobs get one that is not under the table,and after 6 months of working at this job you will be able to show your income too.Plus 6 months will give you more time to raise your credit scores.Goodluck!

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