Can I still qualify for FHA

[Anonymous]

I have low income (around 20,000 wiht cs and income combined) but the i'm only looking for a house around 60,000 or lower.  634tu and 650eq on 7/22/09  i've been doing a lot to raise my credit score.I have a bankruptcy thats 4 years from discharge. Is it still possible for met to get a fha loan with a past bankruptcy and if I can is my fico scores hurting my chances for it.

I was told by someone that my past bankruptcy makes it so I cant apply but others r telling me I can but no will approve me cuz of my scores.

Joycie

[Anonymous]

You should be able to qualify. Your bankruptcy is far enough out that it won't be a problem as long as your payment histories since then have been good. Did you have a foreclosure? If so, when? Your scores are fine for FHA. What are your monthly debts (credit cards, student loans, etc.)?

[msnabs]

Don't forget about the 3.5% downpayment as well.

[DallasLoanGuy]

apply.... it's free

[Anonymous]

Dallas is right, and you know, I REALLY didn't think I'd be qualified to buy a home for several more years. But we need to move to a bigger house, and rent had sky rocketed in this area. So before biting the bullet and paying hundreds more a month to a landlord, I talked with a LO to see if we had any shot. 6 months later, here we are, 6 weeks away from buying a place that will be right in line with our current rent payment. Apply, and if you don't qualify now, you can find out what you need to do to qualify soon.

Good luck!

[teton]

Not long ago I was feeling the same way you are. I didn't think I would qualify, or if I did, I thought I would be able to only buy some little fixer-upper. Dallas told me to go ahead and apply. I was shocked to find out how much of a payment I was approved for. My offer was accepted on a new construction 1800 sf townhouse with 3 brs and a loft, 2.5 baths with whirlpool tubs in both full baths, full basement and it looks out on a little lake. I could close as soon as the end of August, but this caught me so off guard that there is no way I can be packed up and ready to move by then. I'm trying, though!

Do it...go ahead and apply. 

[Anonymous]

I was turned down for an FHA home loan for $64000  my fico score is 771, 19 years of employment, no defults.

No debts, (about $800 on CCs)  no car loans or any other loans.

[Anonymous]

never owned a home before so no foreclousurs. I have two cc but they have a 0 balance on them. i pay 45 a month for student loans (although i usually pay more towrards the principle) and no other debts. anything past that i owed i paid off. no car payments because i brought my moms van off of her a while ago. saving for my downpayment now. aiming to have over 3500 before i apply.

[WannaHouse]

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@Anonymous wrote:
never owned a home before so no foreclousurs. I have two cc but they have a 0 balance on them. i pay 45 a month for student loans (although i usually pay more towrards the principle) and no other debts. anything past that i owed i paid off. no car payments because i brought my moms van off of her a while ago. saving for my downpayment now. aiming to have over 3500 before i apply.

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You're doing everything right as far as I can see. Use your credit cards a bit, and then pay them off each month. (right before your ststement cuts) This will keep another active tradeline for you. Other than that, save save save!!

[Anonymous]

thanks everyone for the help and the advise.. i really appreciate it