Am I able to get a home loan?

[Anonymous]

Hi, I am a newbie here.

My husband and I applied for a mortgage 6 months ago. My husband's credit score was 10 pts. away from getting a FHA loan...My score was too low to be on the app, due to unemployment for 9 months and misc. late payments. 

He had a couple blemishes on his credit - one collection that was closed/payed in full in 2007 and 2 late cc payments.

I have been @ my current position for 8 months and payed off all of my debt, except a car loan I share w/ my mother. My husband has payed off his credit cards and we both have been making on-time payments for 6 months. Together we make around $86,000 annually. We have very secure jobs amoungst the terrible job climate here in MI. Will we be able to get pre-approved this time? We were so close 6 months ago and then FHA uped their requirements now. I just hope his credit score climbed high enough. Is there hope? 

[Anonymous]

Sorry - I need to add that we have enough for $20,000 down.

Thanks. 

[luvs2barre]

To my knowledge FHA requires at least 2 years employment history unless you can prove you recently graduated from college and this is your first job. I would pull your husband's EQ & TU FICO scores and see where they are at now. You may only be able to use your husband on the app due to your employment history.

[Anonymous]

I did get out of school in 2007 and worked freelance for a year after school. Then, I got my first job out of college.

6 months ago my husbands scores were 550. He's paid on time for more than 6 months and has $0 debt now. We are seeing where we're at tonight at the mortgage lender's office. I am freaking out.

[Anonymous]

This just goes to show you --In 6 months you CAN clean up your credit. We got preapproved last night. It was so great to hear and my credit score jumped over 80 points!!!!!