FHA loan question?

How do I even start applying for this loan? Honestly, I don't believe there's a good chance I'll get it because I only have a credit score of 660, and I have about $4500 in debt between my vehicle loan and credit cards. My boyfriend and I were looking at a few houses around 50k, but I only make about a grand a month, and he makes 2k-4K depending on the month, but he has no credit built up at all. I'm assuming we won't be approved for anything, but we're not moving in together for at least 6 months. But how do I even start to apply for the loan, and what are the main requirements?

5 Answers

  • Eva
    Lv 7
    3 years ago
    Favorite Answer

    Make an appointment with a mortgage broker. They can explain what is available, how much cash you will need, and what the chances are that you would be able to get a loan. Don't start blindly applying for a mortgage. It's a hard pull on your credit and will knock your score down for a few months.

  • 3 years ago

    You cannot afford to buy anything, let alone a house. You will need to pay off all your debts. Save a good down payment and all the closing costs and legal fees.

    Also,you will need deposit money for each utility company.

    Until you have this, any application would deny you and that will damage your

    credit score.

  • 3 years ago

    Wow!! Where in the world can you find a house for 50K? You need to have a down payment of at least 10% before you will be considered.

    • Kristyn3 years agoReport

      I live in wisconsin. They're all over the place here. I read that with this loan, you only have to have 3.5%, that's why I was asking..

  • 3 years ago

    You will need a down payment, so perhaps save up $10k, pay down the debt and then contact some mortgage brokers.

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  • Anonymous
    3 years ago

    You need cash for a down payment and closing costs. Do you have any? Without it the rest of this is moot.

    • Kristyn3 years agoReport

      I don't think that's correct because my parents used this loan and had no cash up front.

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