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damnedanddetermined
Established Contributor

FHA

My scores are (601, 614 ,622) do  I even qualify? Would I have to put down 10% or 3.5%?  I have 8 old CA/CO...that will fall off next year, but I believe I read that FHA will still count 5% of the balances in my dti? Which would be $500 I have no other debt to speak of....no CC, no mort,, no car payments, etc. I do have a 1099-C from a year ago from 2nd mortgage (no short sale, forec, or bankruptcy. I have established credit since with a CU Visa 2k, US Bank vs $300, 3 retail CC (total limit of 1k) and an installment loan through CU $6k (bal is 1500) which I can pay off today, but dont want to tank my score, but can pay off if requested. Salary is 40K with the government plus 5k in 401K savings and unsure of Fers retirement balance. I have 25k saved. What can I do next to get approved and what paperwork do I need to get togeather BEFORE meeting with a realtor/LO/UW? Not opening any new credit or purchases before meeting with LO...Thank you my fico friends! Smiley Happy

Message 1 of 4
3 REPLIES 3
youdontkillmoney
Valued Contributor

Re: FHA


@damnedanddetermined wrote:

My scores are (601, 614 ,622) do  I even qualify? Would I have to put down 10% or 3.5%?  I have 8 old CA/CO...that will fall off next year, but I believe I read that FHA will still count 5% of the balances in my dti? Which would be $500 I have no other debt to speak of....no CC, no mort,, no car payments, etc. I do have a 1099-C from a year ago from 2nd mortgage (no short sale, forec, or bankruptcy. I have established credit since with a CU Visa 2k, US Bank vs $300, 3 retail CC (total limit of 1k) and an installment loan through CU $6k (bal is 1500) which I can pay off today, but dont want to tank my score, but can pay off if requested. Salary is 40K with the government plus 5k in 401K savings and unsure of Fers retirement balance. I have 25k saved. What can I do next to get approved and what paperwork do I need to get togeather BEFORE meeting with a realtor/LO/UW? Not opening any new credit or purchases before meeting with LO...Thank you my fico friends! Smiley Happy


^^^^^^

I would wait to raise mid score (and you need mortgage score not regular FICO score) to above 620, right now using the scores you have which are prob. not mortgage, the highest is 622, so mid is of course lower:

 

Many participating FHA lenders require a FICO score of at least 620 in order to qualify for an FHA home loan. Just because the FHA minimum is 580 does not mean a particular bank is willing to issue credit to those with that score--the FHA loan program is a voluntary one, lenders are not required to participate, and the FHA cannot force the bank to lower its FICO requirements.

Message 2 of 4
damnedanddetermined
Established Contributor

Re: FHA

anyone know the guidelines for FHA 2015?

Message 3 of 4
youdontkillmoney
Valued Contributor

Re: FHA

Try a google search, there is a wealth of info on the web

Message 4 of 4
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