How do I qualify for a FHA loan?
- Asked By: MoneyTactics
- Category: FHA Loan
I am planing to buy my first house, I am married, have one child, and we make about $50k to $55k a year in combined income. My wife’s credit is bad and mine is about 650. Would we qualify based on this? How do we go about this and what’s the difference between an FHA loan and a regular loan? What are the FHA loan requirements? Thanks in advance.
Incoming search terms:
Lisa L
Posted 3 months ago
650 is doable for FHA but you probably need your wife’s income to qualify for the house you want. Clean up her credit & try again a year after hers is cleaned up. With your credit score FHA would be the best way to go to get a decent rate. You need 3.5% down.
Other Questions
- Can I itemize my mortgage interest paid in my taxes?
- Do mortgage lenders pull credit reports multiple times during the refinance process?
- how do they calculate the mortgage payment with interest?
- How long after a foreclosure is there an auction?
- If mortgage tax & interest forms are only in my name but multiple owners can they file my forms under thir nam?
I am planing to buy my first house, I am married, have one child, and we make about $50k to $55k a year in combined income. My wife’s credit is bad and mine is about 650. Would we qualify based on this? How do we go about this and what’s the difference between an FHA loan and a regular loan? What are the FHA loan requirements? Thanks in advance.
Incoming search terms:
Lisa L
Posted 3 months ago
650 is doable for FHA but you probably need your wife’s income to qualify for the house you want. Clean up her credit & try again a year after hers is cleaned up. With your credit score FHA would be the best way to go to get a decent rate. You need 3.5% down.
Other Questions
- Can I itemize my mortgage interest paid in my taxes?
- Do mortgage lenders pull credit reports multiple times during the refinance process?
- how do they calculate the mortgage payment with interest?
- How long after a foreclosure is there an auction?
- If mortgage tax & interest forms are only in my name but multiple owners can they file my forms under thir nam?
Categories
Recent Search Terms
- 349000 mortgage
- low fico score va home loans
- what does refinancing a car mean
- is it dumb to keep on double paying mortgage payment
- how long do you have to own your house before you can refinance
- get mortgage credit score 660
- how much intrest can i expect with a 660 credit score
- mortgage interest deduction phase out calculator
- old vs new road bike
- how long does foreclosure take in nj
Tags
Mortgage Calculator
Search
Login
Landlord
Posted 3 months ago
Your credit is bad. If you mean that your wifes is even worse then that you will not be qualifying for anything.