FHA requirements

[damnedanddetermined]

Hi Everyone,

          Quick question: What are my chances of getting approved with an FHA loan? My EQ. score is 660, not sure about the other scores. My family income is about 62,000 (that includes wifes 25,000 "self-employment". We have about 18,000 in cc debt/personal loan....I guess our debt ratio is about 95% which is not good according to FHA.....but, with selling our home (which is on the market right now) we look to pay ALL debt off with some of the proceeds going for a 10,000 down payment. Will FHA allow us to do this? What do our ficos need to be at, and will they accept "self-employment"...this is her second year and we have w-2's to show if needed. Any suggestions?

[damnedanddetermined]

Moderator- Would you please move this thread where it belongs? thanks!

[DallasLoanGuy]

Self employ: need 2yr history and average income(after deducions) over 2yrs.

620+ is awesome for fha

 fha allows you to put down 3.5% or more... doesnt matter how much more

[damnedanddetermined]

Thanks Dallas, but my debt/income is pretty high...although Im paying everything off when the house sells...will fha pre-qualify if all debt isnt paid off yet when I go to filling out the app for new house?

[DallasLoanGuy]

fha doesnt do anything except insure your loan.

the loan officer, if they are good, will prequalify you 'subject to' debts paid off, ect.

we have a way to simulate debts being paid off in the loan software

[Anonymous]

What are fha loan requirements now??  I heard they have gone from 580 to 620 and now the requirement is 640...

[Anonymous]

I just spoke with my LO yesterday, and about 3 other lending companies today.  You have to have a medium score of 640 no ifs, ands or buts about it.  I am 27 points away.

[Anonymous]

Don't feel bad..I am now 65 points from the goal, I am waiting to see how I look in a few weeks I have just paid off 5 CC and two collections...I want to get it as high as I can because when you have your credit run especially for a mortgage collectors even the ones that don't belong to you just come crawling out of the wood work...I have seen a bit of increase already but all of my creditors have not reported yet...

[mauve]

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@Anonymous wrote:

Don't feel bad..I am now 65 points from the goal, I am waiting to see how I look in a few weeks I have just paid off 5 CC and two collections...I want to get it as high as I can because when you have your credit run especially for a mortgage collectors even the ones that don't belong to you just come crawling out of the wood work...I have seen a bit of increase already but all of my creditors have not reported yet...

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And this is exactly why you should go to optoutprescreen.com and opt out

[Anonymous]

GET OUT!!!  You mean to tell me I have an OPTION in getting that crap stopped???  Even now after my bankruptcy these creditors are trying to collect!!! I am going on four years out of bankruptcy because of my divorce and hurricane Katrina!!!  What a NIGHTMARE!!!