First of all, welcome.
Secondly, if you have such a high income between yourself and your wife. Why for the past 2 years haven't you been paying off these old debts?
Also, it should be noted FHA does not have a min score requirements for loans.
Q. Does FHA use a FICO credit score for loan qualifying?
A. No. FHA is one of the only types of real estate mortgage loans that currently does not require a FICO credit score.
http://www.fha-home-loans.com/
Q. Can only a first time home buyer use the FHA loan program?
A. No. You can use FHA home loans as many times as you desire when buying a home or doing a mortgage refinance. The only guideline is that you cannot have more than one outstanding FHA mortgage loan with a loan to value of higher than 75%. You can own rental property and purchase your primary residence using FHA mortgage financing.
Q. Can FHASecure refinance FHA loans help me save my house from foreclosure?
A. Yes. The newly released FHASecure program is designed to help people with subprime loans that have adjusted after June 2005 who currently have mortgage late payments or facing foreclosure can refinance using the FHA home loan program, FHASecure.
Q. Does FHA use a FICO credit score for loan qualifying?
A. No. FHA is one of the only types of real estate mortgage loans that currently does not require a FICO credit score.
Q. Can I streamline refinance my FHA loan at any time?
A. Yes, you can streamline refinance assuming that the you are lowering your monthly payments or converting the loan to a fixed rate mortgage.
Q. Can I buy a 4 Unit Home with FHA loan financing?
A. Yes, you may use a FHA mortgage for buying a 2,3, or 4 unit home assuming that the FHA mortgage amount does not exceed the maximum FHA loan limits for where the property is located.
Q. Can I buy a home with no down payment and get 100% financing using a FHA loan?
A. Yes. Using a FHA insured real estate first mortgage in combination with other specialized no down payment and first time home buyer loan programs, such as CHFA Loans, you may be able to buy a home with no money down.
Q. How long after a bankruptcy can I use a FHA loans for buying a home or mortgage refinance?
A. You may buy a home or do a refinance mortgage using FHA loans two years after the date of discharge for a bankruptcy, assuming that you have maintained perfect credit since the discharge of the bankruptcy with a FHA streamline refinance loan.
Q. How long after a Foreclosure can I use a FHA mortgage loan for buying a home or a refinance mortgage?
A. FHA loans may be used for buying a home or FHA mortgage refinance three years after the final date of foreclosure assuming that your credit since the foreclosure has been perfect.
Q. Are there any other home loan resources that can help me with buying a home or a refinance mortgage?
A. There are some excellent resources on the internet to learn about or search for real estate. First we suggest you get pre-qualified for a home mortgage loan especially if you are a first time home buyer, you can search various home loan programs such as VA home loans, hard money loans for those with bad credit or CalPERS home loans (aka PERS home loans) is you are a member of CalPERS, LRS or JRS. You should also check some mortgage calculators to get an idea of the FHA loan amount you qualify for. If you already own California real estate you can get a home equity loan or a home equity line of credit which can be used to purchase investment homes. If you plan doing so you should order a annual free credit report then you should search real estate listings of homes for sale from real estate agents or homes for sale by owner.
Message Edited by ngerasimatos on
03-04-2008 12:02 PM
Try not to become a man of success but rather to become a man of value
Albert Einstein 1879 - 1955
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