cancel
Showing results for 
Search instead for 
Did you mean: 

How to get approved for FHA loan? need help

Your FICO® Scores can impact your loan interest rates, terms, approvals and more.
New Member

How to get approved for FHA loan? need help

Im trying to buy my own home; Im a single mom with 2 kids.

 

These are my stats:

My CS is between 608-630 No recent baddies in last 1-2 yrs.

My income on tax returns is 22k

I have about $25k in savings for down payment, willing to put the the whole amount for down payment.

I;m looking for a home in the range of 95k-125k

 

negatives:

I have 5-6 collections about 5 years old

balances from 1k-10k not paid off

no bankruptcy

 

Is it possible to get a FHA Loan?

Also what if i could possible have my mom

cosign(which i rather not)

 

What are my options. Wait till my scores get better. What would be my intrest rates be and payments with insurance.

Do i need a FHA loan with a large down payment.

Message 1 of 6
5 REPLIES 5
Senior Contributor

Re: How to get approved for FHA loan? need help

I think the hardest hurdle will be your income for the price range you’re looking at. What was your reported income for 2016, 2017 and 2018? Just want to get an idea.

Is your DTI ratio less than 43%. What are your min payments on CCs and all types of loans?

FHA does allow co-signers.
GOALS: Garden til DEC 2020 and 800 Club

Scores
APR 2019: EX 787, TU 789, EQ 781
JAN 2019: EX 794, TU 783, EQ 801
DEC 2018: EX 777, TU 783, EQ 799

|| AmX Cash Magnate $25K || NFCU CashRewards $20K || Macy's $20K || Discover IT $15.7K || NFCU CLOC $15K || NFCU Platinum $12.5K || AmX ED $11.5K || CitiCostco $7K || CitiDC $6.3K ||
Message 2 of 6
New Member

Re: How to get approved for FHA loan? need help

My current cards :

 

discover secured 0 balance - 8mo

citi          secured 0 balance - 7mo

capital one secured 0 bal   - 10mo

selflender installment 200/500- 8mo

secured loan           250/1000 -   14mo

 

all my old debts is 4 years old that was never paid off

totalling 30k. waiting 7 years for it to fall off

 

tax return-

2017- 21k

2018- 26k

2019- 22k

 

What if i found a home for 90k townhome and put 30k down.

What are my chances? Also can you add a spouse to you FHA loan for income?

Message 3 of 6
New Member

Re: How to get approved for FHA loan? need help

 

Do they add your old 4 yr old debt into you DTI

Message 4 of 6
Senior Contributor

Re: How to get approved for FHA loan? need help

Absolutely the spouse can be added. But remember, whether it’s the spouse or a co-signer, they also have to be approved based on creditworthiness and income. And it’s the lowest middle FICO score of your and the other party. So example, let’s say your scores are 603, 640 & 618 and other person’s is 600, 580, and 595. The score taken for mortgage purpose will be 595.

I don’t know the answer about the down payment. An expert should be along shortly to give more specific answers.

Here is a link to a calculator you can play around with to give you a “general” idea of what you would qualify for.
Scroll down to “How much can I afford”
https://www.fha.com/calculator_afford
GOALS: Garden til DEC 2020 and 800 Club

Scores
APR 2019: EX 787, TU 789, EQ 781
JAN 2019: EX 794, TU 783, EQ 801
DEC 2018: EX 777, TU 783, EQ 799

|| AmX Cash Magnate $25K || NFCU CashRewards $20K || Macy's $20K || Discover IT $15.7K || NFCU CLOC $15K || NFCU Platinum $12.5K || AmX ED $11.5K || CitiCostco $7K || CitiDC $6.3K ||
Message 5 of 6
Valued Contributor

Re: How to get approved for FHA loan? need help

Have you checked local records to make sure some of those rather large collections have not turned into a judgement?  As the other poster asked also, what is your DTI and are those your mortgage scores or Credit Karma?

Message 6 of 6