Can I get approved for an FHA Home loan?
Hi. I wanted to know my chances of getting approved for an FHA Loan. I checked my FICO score at myfico.com and it is a 653 (I know...not so great). I was an immature college student and I had a couple of charge offs that were paid off 4-5 years ago. I also have about $30,000 in student loans (Obviously, c ollege screwed me up! =) ). I have rented an apartment for 2 years and have since opened 2 store accounts and I have NEVER been late with either. Another good thing is that I have about $6,000 that I am able to use toward a home and I have been at my job for 4 years. Do I have a chance of getting approved for an FHA loan for about 75K? Or, do I need to wait until those charge offs disappear and try to get a conventional loan? Looking for accurate advice only! Thanks! =)
NO SPAM OR SCAMS PLEASE.... (Ahem! Mr. Rodriguez!!!)
Oops! I meant Ramirez!
- acermillLv 79 years agoFavorite Answer
Your credit score is within the acceptable guideline scores to be approved for a FHA loan with a 3.5% downpayment, which is about $2600 on such a mortgage loan. You will need the remainder for 'closing costs' to obtain the mortgage. Find yourself a local mortgage broker or bank who works with FHA. And for GOD'S sake, do not try to do this with any 'online mortgage brokerage'.
Shop around with a few different brokers, since those 'closing and loan origination fees' vary considerably. Before you commit to a mortgage broker, ask them for a "Good Faith Estimate" of any such fees.