Is it right? First time home buyer...

[ShanetheMortgageMan]

FHA will most likely give you the lowest interest rate & total monthly payment.

[Anonymous]

If I have a partner that has already purchased a home, can I still qualify for a FHA loan? Thanks!

[ShanetheMortgageMan]

Yes you may - FHA is not just for first time homebuyers.  If you are qualifying on the loan with your partner then their debts (monthly payments) will be taken into consideration for the approval as well as their income, credit, assets, etc.

[Anonymous]

What does your minimum credit score have to be to get an FHA loan? what about a conventional loan? Thanks!

[Junejer]

FHA loans are not credit score driven, however your lender might have a minimum score requirement. You need to talk with your lender to figure out whether you can qualify for a conventional loan. Are you working with a broker or lender at this time?

[Anonymous]

We are going with a lender, but I am unsure if I can qualify for an FHA loan. My boyfriend has only had his job for around a year (different field - before his current role he was self employed).. I have had steady employment for 2 and a half years? Will his employment throw us out of the FHA category? We do have about 5% cash ready for a down payment and closing cost. Thanks for all the advice.

[ShanetheMortgageMan]

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Andryah wrote:
We are going with a lender, but I am unsure if I can qualify for an FHA loan. My boyfriend has only had his job for around a year (different field - before his current role he was self employed).. I have had steady employment for 2 and a half years? Will his employment throw us out of the FHA category? We do have about 5% cash ready for a down payment and closing cost. Thanks for all the advice.

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It's up to an underwriter to accept his employment as is - FHA really only needs 1 year of employment and since he was employed (albeit self-employed) prior to his employment that would bode well for his chances.