01-26-2012 12:40 PM - edited 01-26-2012 12:43 PM
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
01-26-2012 03:39 PM
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..
01-26-2012 05:19 PM
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.
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions based on Experian or Equifax data (additional FICO® Score versions based on TransUnion data are not currently available on myFICO.com). Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.