a stated income home loan again becomes a viable option home loan
article by Shawn Manaher
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Question by photofemale810: Can we qualify for an FHA mortgage with bad credit?
My husband and I make about $ 70k a year, here credit scores are 562 & 542, find we are looking at a house listed for $ 80k with no down payment, stuff can we qualify for an FHA mortgage?
I don’t really need a lecture on repairing credit, we are already in process of paying off all of our bad debt and an $ 80k mortgage would be CHEAPER than what we are paying in rent.
Best answer:
Answer by Big Jebb
only if you try will you know
What do you think? Answer below!
No. For an FHA loan you need 3.5% and a credit score of 620.
With your history, why would you even want to take on the responsibility of a home loan?
Work on making better decisions and later on (3+ years) re-evaluate where you are.
No. FHA requres 3.5% down and a generally a 620, although technically FHA doesn’t set credit limits it’s actually the banks who set them so there are a rare few that drop to 600 to do loans but they’re very hard to do.
You need to get your credit repaired and your DTI in place as well as get a good financial advisor to get you working toward your down payment. You really need to make sure you don’t overextend yourself. I know a company that does all of that, try http://www.mokrycmi.com, they are supposed to be really good. At the very least check out their site and see what they can recommend even if you don’t sign up it’s still a good idea to get a professional company’s experience and input on your situation.