Posted on: 16th Oct, 2008 09:19 am
low credit score, less than year on present job, 15 yrs as truck driver fha mobile home loan?...low credit score, less than year on present job, 15 yrs as truck driver fha mobile home loan? 10,000.00 down payment.
I was told by another lender that I needed at least one year on the job before they would look at it.
I was told by another lender that I needed at least one year on the job before they would look at it.
Hi,
Welcome to Forums!
FHA follows certain guidelines to give loans. These guidelines include:
1. 2 Years of steady employment and it is preferred if you are employed with same employer.
2. Last two years Income should be increasing or at least the same.
3. Credit report should have less than 2 thirty day lates in last two years.
4. If you have filed bankruptcy, then it must be at least two years old, with good credit since then.
5. Foreclosure's, if any, must be at least three years old, with good credit since then.
6. The new mortgage payment should be round about 30% of your gross income.
If you do not fulfill this criteria, it is hard to get FHA loans.
Feel free to ask if you have further queries.
Sussane
Welcome to Forums!
FHA follows certain guidelines to give loans. These guidelines include:
1. 2 Years of steady employment and it is preferred if you are employed with same employer.
2. Last two years Income should be increasing or at least the same.
3. Credit report should have less than 2 thirty day lates in last two years.
4. If you have filed bankruptcy, then it must be at least two years old, with good credit since then.
5. Foreclosure's, if any, must be at least three years old, with good credit since then.
6. The new mortgage payment should be round about 30% of your gross income.
If you do not fulfill this criteria, it is hard to get FHA loans.
Feel free to ask if you have further queries.
Sussane