@Anonymous wrote:
whats the chances of a 23/24 year old getting a FHA loan?
My brother who's 23 years old is trying to get an FHA LOAN for a home in Nashville for our parents in the next 6 months.
My brother credit situation is a lot better than mine... here's his qualifications:
Credit History and SCORE:
Credit Card #1: $300 limit. Age: 14months. No lates, and balance is 10% percent utilization.
Credit Card #2: $500 limit. Age: 4 months. No lates, and balance is 15% utilization
Credit Card #3: $250 limit Age 6 months. No lates, and balance is 0% = he said he's going to buy some food tonight with it, just to show some activity.
Score just reached a 640
BADDIES:
3 Medical bills from years 2011-2013 they are all under $500.00 and one is marked paid.
1 Judgement from an apartment in which the lease was broken due to a roommate situation. However, it is now marked paid and full and has been for 1 year.
INCOME/EMPLOYMENT:
Been at his current job for about 8 months, makes about $1400 a month before taxes.
He's just been hired at his second job in which his monthly income with this job will be around $1500 before taxes. This job is a contract sort of job, he will work 4 months out of the year.
His monthly income will be around $2,900.00
He also does freelance work on the side. But that won't count.
What is his chances? Anyone ever experience getting a fha loan at a young age?
The townhome we're looking at is $85,000. 4 bedrooms, 2.5 baths
Sounds like he has a good chance of getting a loan. You just have to calculate his ratios and figure out what taxes and insurance will be. Ratios are usually 31/43. Good Luck!
Fico: Beginning 506 (11/2013)
TU 619 (10/2015)
1/2017: Equifax 659, TU 655, Experian 642
Mortgage middle: TU 630
Goal 700 (but will settle for mortgage 640)
Current: TU 665 Oct '17
