Do you have to have a low income or can anyone qualify? i’m interested in purchasing a hud home and someone suggested an FHA loan. Any info on FHA?
Who can qualify for a FHA home loan?
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dude
March 15, 2010 at 9:02 pm
You might be OK as a first time buyer, but they are only accepting applications from people who have pretty good credit scores in my neck of the woods.
Lisa
March 15, 2010 at 9:39 pm
FHA loan qualification guidelines:
* Two Years of steady employment, preferably with same employer.
* Last two years Income should be the same or increasing.
* Credit report should typically have less than two 30-day lates in last two years with a minimum credit score of 580 or higher or no credit score at all.
* Bankruptcy’s must be at least two years old, with perfect credit since discharge.
* Foreclosure’s must be at least three years old, with perfect credit since.
* Your new mortgage payment should be approximately 30% of your gross (before taxes) income.
knowitall
March 15, 2010 at 10:27 pm
Low income people cannot get home loans. You need a steady job for longer than 6 months, at least 3% for the down payment and another $1000 or so for the prepaids and closing costs, and a credit score of at least 720 for a good interest rate.
Noneya
March 15, 2010 at 11:03 pm
No you don’t have to have low income for an FHA loan but you do need the following.
1) 620+ mid score
2) Stable work history
3) Enough income to support the payment ( FHA will go as high as a 55% back end debt to income ratio)
4) 3.5% for the down payment