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New Member
Posts: 2
Registered: ‎07-10-2014
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Do I Qualify for a FHA loan?

  1. Credit. Equifax 621
  2. Income.  30,000 Salary + 3,000 Child support per year. (2,750 monthly)
  3. Source of income.  Job, Child Support received.
  4. Monthly debt payments.  Car Loan - $312 Monthly, Rent (if that matters) $560 monthly
  5. Employment. 2 years 6 months
  6. Assets/Reserves. $8,000 down payment
  7. Location. Panama City Beach, Florida (Bay County)
  8. Property. Detached Single Family Home, Mobile/ Manufactured
  9. Value. 100,000 +
  10. Occupancy.  Primary Residence
  11. Transaction Type. Looking to purchase with loan.
Member
Posts: 19
Registered: ‎01-16-2014
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Re: Do I Qualify for a FHA loan?

I believe you do qualify.

 

They're going to want to see 2+ year of employment at the same job (check), 3.5% downpayment (check), and a Debt To Income Ratio (DTI) of 44% or under (yours is $313 / $2750 = 11%, so you have 33% room to play with on the mortgage payment).

 

Your credit is a little low -- that may stop you, but I'm pretty sure it's still above the FHA guidelines.

 

Good luck!

New Member
Posts: 2
Registered: ‎07-10-2014
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Re: Do I Qualify for a FHA loan?

Thank you!

If someone could point me in the right direction to a company that does FHA loans at the 620 credit score level it would be very helpful!

Member
Posts: 19
Registered: ‎01-16-2014
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Re: Do I Qualify for a FHA loan?

One thing I would do is get a credit card with a limit of say $1,000 - $3,000 and get one or two months of 10% or less utilization on it. That will boost you up a good 25 points alone, putting you in that 640 range that FHA lenders are going to like much better.

Moderator
Posts: 10,703
Registered: ‎03-06-2010
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Re: Do I Qualify for a FHA loan?

[ Edited ]

quiksilverqt85 wrote:

Thank you!

If someone could point me in the right direction to a company that does FHA loans at the 620 credit score level it would be very helpful!


PM me. I have a lender contact here in Fl that can do 620 and a back end ratio max to 56.99% on a FHA loan (they underwrite and fund their own loans).

 

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