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Chances of getting Approved for FHA loan?

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Phunior88
Member

Chances of getting Approved for FHA loan?

Hello,

 

My fiance and I are looking to buy our first home (jointly). We are looking for a single family home in the price range of $130,000-$150,000. I have been working on imrproving my credit for the last month, with a loan officer (He has not been very helpful at all) Below is what we are working with:

 

1. Credit Scores:

My Score: FICO (pulled today) EQ 623, TU 657, EX 664

-Medical collections from 2010 for $100.

-BOA account (disputed yesterday via online equifax.com). My dad's account. We have same name and address. The BOA account has three 30day lates within last  year.

 

Fiance's: Middle Score 730 (lender pull on 6/27/2013)

-No collections or derogatory accounts

-good payment history

 

2. Gross Income: Me - $30,000 Fiance - $28,000 (via Full-time employment for both)

 

4. My debt

- Student Loans - $35,553 total. Approx. $300/mo

- Fifth Third CC - $50 balance (1500 limit)

- Fifth Third CC - $35 balance (500 limit)

- Kay Jewelers - Installment - $340/mo. PIF Feb 2014

 

Fiance's

-Student Loans - $9,000 total. $100/mo

-Old Navy CC - $1200 balance (5900 limit)

-Fifth Third CC - $300 (1000 limit)

 

5. Employmentt: I am a Safety Data Specialist with a science company. Employed upon graduation. My fiance is a lab chemist for same company, also employed upon graduation.

 

6. Assets

-Joint Savings - $5,000

-My Checkings- $500

-Fiance's Checkings- $500

 

Could please provide any input as to how possible it would be for us to get approved for an FHA loan.

 

Thank you Smiley Happy

Message 1 of 2
1 REPLY 1
sweetseptember79
Established Member

Re: Chances of getting Approved for FHA loan?

Go to FHA.com and you will be able to put in all your monthly income and debt payments. I found that site very user friendly. If you have been approved, let me know how that went. I am getting ready to apply for a home loan myself. Thanks! 

Message 2 of 2
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