Can i be approved for a FHA?

[keikdasneak]

Me and my fiance are looking into buying a home, i am curious if a FHA is right for us and is it possible for us to get approved.

Here is some background information about my credit;

her scores are around 580-620ish

my scores are  EX: 640 EQ:660

she has paid charge offs on her credit and i have maybe 1-2 collections under $600 but i have a repo back in 2008 for $14k that was charged off from a co-sign gone back.. I do have 2 other auto loans on file now, one paid in full (8 months) one currently right now, lease from BMW 7 months current.

What are the requirents in order to get a FHA loan?

My gross income (self employed) $52000 yearly

my fiances Salary income $ 35000 yearly

[ShanetheMortgageMan]

Self-employment qualifies on the 2-year average of net income after expenses, not gross income prior to expenses.  Some items such as depreciation & depletion can be added back to qualifying income.

You'll want to aim for a 640 mid score from both of you in order to have the widest choice of lenders and the more attractive financing terms available, lower than that is possible but if you aren't in a rush then I suggest you wait until her scores can come up more.  It'd also be case by case on if your large repo charge-off would have to be paid off, but with the right lender it shouldn't be required.

There is a thread at Help the FICO Forums help you (with your mortgage ... which contains other relevant info that needs to be known.