Can i get approved for an FHA loan?

im 21 years old, i have worked at the same place since i was 16 but now in about a month i will be starting a new job with the county making $22 per hour. I want to purchase a condo and ive been doing the math and i know i can afford it but being only 21 and starting a new job would i even get considered, even if i had say $5,000 down on $100,000. Thanks

Update:

I have a 690 credit score as well

4 Answers

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  • Anonymous
    9 years ago
    Best Answer

    doubtful, 3.5% is the minimum down payment. and you have closing costs.

    Dude, don't buy a condo, buy a house, condso's are much harder to sell and don't appreciate that much.

  • 9 years ago

    You are way ahead of those who caused the housing bubble who had their so called down pmt included in the mortgage pmt....anyway...I can tell you that if your credit is bad you will have a hard time.....and the FHA loans have conditions attached, and i know cause I just went thru the process....you may not sell or go into foreclosure within the first 3-5 years with FHA...there are conditions...check that out for sure....good luck sweety....sounds like a hard worker needs a break...hey...there are some great deals out there and you should never try to get a home that is more than you can afford should you become one of the many on unemployment....remember that and you can upgrade like a car over the years.

  • Anonymous
    9 years ago

    A FHA mortgage requires the lender to review your last two years tax returns. Since this is a new job the income will not weigh heavily on the approval process. As long as you are at least 21 and the income is ok you will be approved.

  • ?
    Lv 7
    9 years ago

    Not enough cash on hand. You need a credit score of 680, 3.5% for downpayment and another 6k for closing costs. Save some more cash.

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