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Cwww2002 · Joined: 23 Jun 2009 Posts: 1 1.37 Dollars($)

I have a median credit score of 648 my husband has 683. My husband has been on soc sec disability for over 2 years, but my job is recent....4 months...but same field for past 4 or so years. We want to buy a mobile on its own land for $79,000. We do not wish to hurt our scores more by having inquiries. Our combined income is over $43,000.

Realgeni · Joined: 13 Apr 2009 Posts: 1434 99.76 Dollars($)

Cwww2002

Welcoem to the forum

Your score is pretty good to go for a FHA loan. FHA requires you to show 2 years of steady income and if you can show that you shoudl nto have any difficulty in gettign the loan

Down payment required will be 3.5% with MIP

Good luck and feel free to ask

manoj_gopale · Joined: 16 Feb 2009 Posts: 488 0.00 Dollars($)

Cwww2002

FHA loan will be available to you if you show steady income (decrease in income will hamper the approval process) for atleast 2 yrs.

your credit scores are good enough for the FHA loan approval...

keep in touch.....

jenkin7 · Posted: Tue Jun 23, 2009 11:49 pm Post subject:

Hi Cwww,

Both you and your husband have credit scores good enough to qualify for an FHA loan. You also need to show a steady employment history of 2 year to get the loan. Your recent job is only 4 months old, but you have had a continuous employment history of 4 years or so. I think if you can write an explanation letter to the underwriter stating the reason for the small gap in your employment history, you can qualify for the loan.

You can seek a no-obligation free mortgage consultation with the lenders of this community. They will assess your financial situation, your credit scores etc and will let you know if you can qualify for an FHA loan. In case, you do not qualify for an FHA loan, they will be able to tell you the reasons for your disqualification and suggest you ways to get approved for the loan.

Guest

Does FHA disqualify homeowners that do family daycare in their residence??

savior70 · Posted: Thu Oct 15, 2009 3:17 am Post subject:

Hi,

I don't think FHA disqualifies homeowners who do family day care at their residence. I've not heard of any such FHA guidelines. However, it is better to check it with a local FHA mortgage lender regarding this.

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