FHA Home Mortgage Loan Interest Rates

7 Responses to “My husband and I have applied for an FHA home loan. Our credit is not good but not bad?”

1. Melissa says:

   January 13, 2010 at 11:03 am

   If you have decent credit (640 or better) and low debt to income ratios, it shouldn’t be too hard to get a loan. I’m not sure what your second sentence means. Are you meaning that you are letting the home go into foreclosure? If that is what you’re indicating, it will be a very long time before you will be able to buy something again unless you can qualify without him.
2. (♥_♥) says:

   January 13, 2010 at 11:39 am

   get a realtor and who is also a mortgage broker. he or she can help you with the loan process.
3. eagle says:

   January 13, 2010 at 12:38 pm

   Your loan officer should be able to pull a credit report and tell you how it looks. It is simpler to buy a house than it is to buy a car.
4. chatsplas says:

   January 13, 2010 at 1:14 pm

   Is it 720?
   How much other debt do you have?
   If he currently has home and wants to let it go back–NO WAY.

   Better to work things out with home he has. . . .wait for market to settle, then sell it and get another house if this isn’t what you want

   You will take a HUGE hit in credit rating letting house “go back”, NOT a excellent thought in most cases, anyway. . . .
5. Glenn S says:

   January 13, 2010 at 1:25 pm

   720 FICO score……total bull crap.

   You can get an FHA loan with a 580-620 FICO score with 3.5% down payment. The seller can even pay up to 3% of the sales price in your closing costs if he agrees to. I know at least 1/2 dozen lenders that make FHA loans all day long to buyers with 580-620 FICO.

   In 2008 FHA changed credit score requirement. Prior to this time FHA didn’t have a minimum credit score. Under its new criteria, the FHA will normally require a minimum FICO score of 580. This is in contrast to lenders such as Fannie Mae and Freddie Mac who look for at least 620, but charge a higher interest rate if the FICO score is under 640. The FHA does have other requirements. They prefer that there be no foreclosure within the previous 3 years. They do place a strong emphasis on having demonstrated that any past credit problems are resolved. For example, they will consider someone who had to declare bankruptcy, provided the reasons were valid ad the applicant has shown a excellent faith effort to reestablish credit (usually but not always, this means 2 to 4 years of rebuilding credit. Late payments (more than 30 days) on rent or mortgage payments is not acceptable. Also, a person must have no more than 1 to 2 payments on revolving credit (like credit cards) and none over 60 days within the past 2 years.

   These are relatively simple loans to get, but if you are letting a property go into foreclosure forget getting any kind of real estate loan for at least 3-4 years. Contact a FHA direct lender and have them work the numbers and see how much you can qualify for. Sellers all most always require the buy to provide a pre-approval letter from a lender before they accept an offer.

   It is really scary how so many so-called real estate professionals on this site place out absolutely incorrect information and advise about RE.
6. David Z says:

   January 13, 2010 at 2:11 pm

   fha requires fico of 640 or bettter. $0 down loans are thing of the past.

   you need 3.5% down and another 3-4% for prepaids and closings.
7. Antony says:

   January 13, 2010 at 2:47 pm

   buildcredit.ifastnet.com – try this service to boost you credit score before getting loan. After credit repair you can get the loan with minimal interest rate.

Recent Posts:

Related results on My husband and I have applied for an FHA home loan. Our credit is not good but not bad?

1. Home Equity Q&A | Tax Relief Attorneys

   We are about to buy our first house. The house was planned at $77K. We did an FHA loan that allows for the sellers to pay a element of our closing costs, which we needed. But to get them to pay those costs, we have to up our offer to $80K. So ... My sisters common law husband vanished her. He had gotten a home equity line of credit. He have stopped paying on it and now it is in failure to pay. The money went straight into his private account. Her cross is not on the loan, ...

1. How long to get a home loan with no credit history? « Loans FAQ

   But lack of credit is not sufficient reason to decline an FHA loan. That's right in their guidelines. If you have a history of saving money, like $100 per month into a savings account, they can treat that like a tradeline. ... I want to buy a vehicle but i'm in the process of re-building my credit. It was really bad but i've paid my credit cards off and its getting better. I was just wondering what an average score was to get a good vehicle loan. Thanks! ...

1. How can I get a home loan with bad credit? « Loans FAQ

   I am desperately wanting to buy a home for me and my children. I have a steady income and the down payment but my credit is in bad condition. We desperately need to move from our area, but the rental amounts are too high. ... You are a good candidate for a FHA home loan. You will be in a better position for approval if you document all of your ?problems? and show them what you did to handle the financial problems that are a sign of the times. You are not alone. ...