Compare Mortgage Quotes

Guest

What is the requirement for applying a FHA loan? All I know is that I have to be a first-time homebuyer. Thank you.

msnover92571 · Posted: Mon Feb 16, 2009 6:12 pm Post subject:

Hi, Yes a 1st time buyer. You need a fico score of 580 or better and atleast 2 years of verifiable work history and i think 3.5 percent down payment.

smithsussane · Posted: Mon Feb 16, 2009 9:25 pm Post subject:

Hi caven!

Welcome to forums!

I agree with msnover. In order to get a FHA loan, you should have a credit score of at least 580. Moreover you should not have any kind of collections or late payments in your credit report in order to get a mortgage at a credit score of 580.

Feel free to ask if you have further queries.

Sussane

gmakerley · Posted: Wed Feb 18, 2009 8:09 am Post subject:

you do not need to be a first time homebuyer to qualify for fha financing. there are adjustments as far as rates/prices when your credit score dips below 620 - if you are below that level, but close, it might behoove you to wait until you can bump your score a bit to get there.

if you have collection accounts, judgments, etc., they would have to be paid in full prior to closing. they are not strictly forbidden - simply must be taken care of in order to qualify.

msnover92571 · Posted: Thu Feb 19, 2009 11:37 am Post subject:

Yes George is correct you dont need to be a 1st time buyer, But you would benefit from the tax buyer credit for 1st time buyers Smile

as what i was saying. Sorry about that. Credit score needs to be atleast 580 but having it higher always helps as far as fees and rates. Hope this helps thanks

Company	Loan Type	APR	Est. Pmt.
				Go
				Go
				Go
				Go
				Go
				Go

Property State:
Property Type:
Credit Rating:

All times are GMT - 7 Hours

Page 1 of 1

Compare Mortgage Quotes

FHA eligibility?