Okay, here's the situation:
My fiancee and I want to buy a house, but we are worried we just won't qualify for a loan. My credit is TERRIBLE due largely to my exhusband. My divorce papers state that we are both responsible for debts in our own names, and that he is responsible for joint debts, as well as the childrens' medical debts, but he didn't pay anything for 6 months and then filed bankruptcy. I am a stay at home mom and my only means of income is child support. My fiancee's credit is right at 600, because he has no credit. His only open line of credit is for a vehicle that will be paid off at the end of this month without any late payments, and a line of credit for a vehicle that was repossesed in 2002. Furthermore, he is self employed. So, although he brings in 50K a year, his AGI is under 20K. We really are excellent, honest people, and we know we can afford a monthly PITI payment in the neighborhood of 00 / month. But how do we convince a bank when we only have 00 for downpayment and closing costs, terrible/no credit, and low income? We have the two of us and our 4 children living in a very small 3 bdrm house and we desperately need a larger place. I swear the walls are closing in on us. We were told by a friend that FHA requirements are a lot more lenient than conventional lenders, so what are the chances we could really get approved?
FHA loan approval question?
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I will be writing about Texas Vet loans, the FHA, conventional way. Suffice to say, the most popular of the three is the Texas Vet VA Home Loan. SO question is: who? Today, as a "bona fide" Texas Vet is needed in both the Air Force, ...
you should refrase your question ? if you want a home and do not hold a credit score ? go near an fha loan ? need 3% down You can't get a thoroughly large loan unless it's a student loan. If you only hold? How can I apply home loan near ...
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The FHA down payment requirements are much lower.
I believe you can get a a loan with as small as 6% down.
(mortgage companies now require 10% with top credit)
I am looking at the numbers and if you end up with a 1,200 / month payment you will find yourself in a hole.
Go to a mortgage calculator.
bankrate.com has one
also google "mortgage calculator"
You should have 3 months of living expenses place away in a safe heaven before buying a home. In a cd or something. You'll be amazed how much money it takes to buy a home that is not included in the mortgage.
FHA does not look or pay for credit scores. If that gives you any relief. They look at all three of your reports in detail, your employment, and salary.
Keep your reports pristine = annualcreditreport.com /