I am wondering if I could qualify for an FHA mortgage by myself. I am married but due to long and complicated reasons, my husband can not be on the mortgage. We do not live in a community property state.
My score right now is 640
$10,000 in student loans- no payments due until 2014 (payments will be $50 when they are due)
No other debts
Voluntary repossession in 2008- paid settlement amount
Target home price: $50k or less
I'll try to help out, I'm not an expert by any means, but could point you to some information that can be helpful to you.
Your Credit Score should be good for an FHA, Downpayment of 10% seems OK (50K/5K=10%).
Go to http://www.fha.com/calculator_afford.cfm and punch in your numbers to find out your "Required Salary" .Also make sure you meet the FHA debt ratios from here. http://www.fha.com/fha_requirements_debt.cfm
Looks like you should be OK to me, Im also looking into an FHA..
FHA ratios can be modified by your individual lender.
The links in the above post are good for general information and in fact will fit many borrowers. But your individual lender has flexibility. i have seen many, many loans that exceed the 29%/41% ratios in the link above. Do talk with a knowledgeable lender in your area.