Established Contributor
nicemann
Posts: 583
Registered: ‎03-12-2008
Re: FHA, huh?
No the home doesn't have to be in excellent condition but it must be in good condition and all of the major items working (ie roof, a/c, etc)
 
Here is a list of the FHA Loan Qualifications
 
  • You will need to have 2 years of steady employment. Not necessarily by the same employer but it is preferred.
  • Your income should be similar or increasing for the past 2 years.
  • You should have less than two 30 day periods of late payments on your credit reports.
  • If you have declared bankruptcy, then it must be at least 2 years old and you will have to have good credit since then.
  • Foreclosures will also need to be older than 3 years and have good credit since then.
  • Mortgage payment should be about 30% of your gross income.
  • As of 04/23/2011 - 731 for EQ FICO
    As of 03/02/2012 - 779 for TU FICO
    As of 12/2010 - 720 - 729 For EX (Chase FICO Score Provided by EX)