would I qualify for an FHA loan, my credit score is around 700 and I have the 3.5% for the down payment?
I always pay all of my bills on time, my debt to income ratios are pretty good,
my yearly income is 60k and the only monthly payment I have is my car payment $500.
Should I have a hard time getting approved with the economy being so bad, I heard it’s very hard to get approved for a home loan
I have been at my job for the padt 4 years.
Tags: 3.5%, around, Credit, Down, Loan, Payment, qualify, score, would
2011/10/20 at 21:51:11
Don’t forget that besides at least 3.5% down payment, you also need enough money for closing costs. If you get pre-approved for a certain loan amount and want to get a more expensive home, you may be limited by how much more you can come up with for down payment.
FHA has certain requirements for homes so they are ready to live in without needing repairs in near future.
2011/10/20 at 20:58:38
I believe FHA requirements are up to 4% today.
For top scores make sure that any revolving credit card debt is not utilizing more than 30% of your available credit
For top 800+ scores pay the credit cards in full.
I think your credit score will get up to 740 if you pay off your credit cards.
Work hard on it. Any amount you owe on your cards will directly reduce the monthly mortgage payment you will qualify for.
Also, no credit card debt will ensure the best interest rates.
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2011/10/20 at 20:53:06
Two years of steady employment and you are good to go. Next part is hardest. Finding a house that passes the strict FHA inspection.