Can I get an FHA loan? ?

I am a 24 yr old woman making 42000 a year. I have been In the process of repairing my credit, and have one two settled/paid charge offs and 24k in student loans. My score should be around 620-640.

My question is, can I get approved for an FHA loan, and how much at what rate?

Also, I have been in a very serious relationship and am considering approaching my bf about marriage/buying together. Can we get approved together if we are not married? Also, if his credit score is lower, would it be detrimental or helpful? I think his score was last at a 550, but it should be at 600 soon enough.

One last concern. He worked under the table through college and is just now establishing taxable income. Will he need more than one years worth of tax/income info?

Together, our yearly salary would be anywhere from 54,000 to 70,000 depending on the new job he gets.

5 Answers

  • 8 years ago
    Favorite Answer

    640 for any signer of the mortgage is the minimum. You need to raise your scores or you cannot qualify.

    Once above that, you need 2 years job/income history proven by your tax returns and the same 2 years without negative factors on your credit report.

    You can get a mortgage without being married. This gets very difficult if one of you decides to end the relationship though. Remember a debt like this is jointly and severably liable. As in if he skips out, it's your debt just as much as it is his.

    If you're in the process of paying student loans and debt recovery, this is not the time to buy. Settle those debts, get them in order. This is because the student loan will reduce your debt to income ratio and the negative factors will prohibit you from getting the loan.

    Furthermore, DO NOT use a debt relief agency, this will crush your credit score.

    For good credit advice and learning please check out the following websites:

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  • 8 years ago

    I was wondering this too.. However I know in order to qualify for a loan your debt has to be lower than what you're making, like someone else said. I was informed in order to qualify for a mortgage, your Fico score must be a minimum of 640.

    I'm currently trying to pay off some stuff on my credit to get it better. Mine is about 600 and my fiances is even lower. However, his credit debt is over 4-5 yrs old and most will fall off in the next 1-2 yrs. There has got to be some poor credit mortgages somewhere. We plan on putting 20% down.

    Most of my stuff is just medical bills on my credit. However, it's within the past 2 years. I thought that medical bills were overlooked since everyone has some? I don't know! :)

    I would also like further information about this as well...

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  • 8 years ago

    the lowest credit score on a mortgage app determine all terms including if the loan is acceptable. FHA is a crappy program you pay 3% of the purchase price for insurance that guarantees the bank will be 80% of the loan in case you fail to pay. You get no reduction in interest or better terms. If your state offers a first time buyers program it is often better then any option. Just be sure the bank who processes does not try to screw you they often add an FHA wrapper so they can make more money and again you get nothing from it. Buying property with another person is legal but always foolish. No negative items for 2 years is a must for any mortgage

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  • 3 years ago

    FHA loans are no longer score based yet use your final 2 years credit, employment and apartment historic previous. you mustn't have any lates in any respect interior the previous 24 month era. additionally, no bankruptcies interior the previous 4 years. FHA classes the valuables ought to bypass an inspection as nicely. Older homes won't bypass (roof ought to have 5 years existence left etc) Your lender ought to describe ALL of this to you. With the decrease down fee you MIP (loan coverage top classification) requirement would be larger this is you place additional money down 10%. So in theroy, the decrease pastime fee might fee slightly you extra month-to-month. Make yourlender tutor you side by ability of side the two classes. Then evaluate your less costly rates and month-to-month expenditures - %. the loan that maximum suitable suits YOU. desire this helps.

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  • 8 years ago

    To get a mortgage you can't have more than 33% debt to income ratio at the most. The potential mortgage is included it the debt to income ratio. With that large student loan, you might be over this amount,

    Don't think your boyfriend will be about to help you wiht the mortgage wiht his credit score.

    But he does need to file taxes for the years that he hasn't. There is no such thing as working "under the table". Either the employer withholds taxes or you pay directly. He needs to pay directly.

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