I'm soooo happy! We close the 20th of this month! It's 155K FHA loan @ 7% w/3% down. Get this! I have one CO on my CR. It's two years old. My scores are higher than my husbands but they decided NOT to use me ONLY his credit (are score are listed below). Which I really don't care as long as we get into a home. My husband had two CO but I had a paper trail of Validation and Estoppel letters. The took those and removed the CO's from his CR. I thought I would post this so everyone could see that even w/low scores you CAN get a loan!
geesh that is most awesome did you go "stated" or did you have to prove income? we are trying to go stated with using only my husbands credit and we need a middle score of 620 to qualify right now we are at tu 636 exp 586 eq 578 jimrie
Hi Jimrie Yes.. we did have to prove my husbands income. We had to take tax statements and two months of his paychecks. The thing is.. we could of qualified for a much higher loan IF my husbands credit would of been better. My husband makes around 200K a year. Instead we just opted for a less expensive home. We plan to move in to something bigger in 3-5 years. PLUS that gives me more time to build on his credit. I hope this helps. If you have any questions please feel free to ask away...lol!
For an FHA loan you need a score over 585. I received a loan last year for 170,000 at 7.5% with crappy credit. I showed some positive credit history but I had a lot of negs from the past that were never paid for. I got the house and now have a clean credit report becasue they make you pay everything and I mean everything to get the loan. I only put 3% down which is the minnimum. Its a lot easier to get a loan than you think I had no problems and now have a beautiful two story house to show for it and a perfect credit rating thanks to this board.
Well... I wouldn't say they make you pay everything mousehunt! My husband has 3 CO on his CR that show a balance that they are NOT making him pay! That's b/c I had a thick ass paper trail that i could give. I showed PROOF that I had tried to get them to validate along w/a CRRR PLUS Estoppel letters with NO reponse. The underwritter told me b/c of my "leg work" that he wasn't going to make us pay!
Also.... the scores I have listed below are from his tri-mereged report. His median score is not over a 588. Mousehunt.. Either they have changed their criteria or you misinformed!
I was told that FHA doesn't care about the score BUT depending on who is doing the FHA loan for you it could matter. For example One lender told me that all FHA cares about is 1 year perfect credit with no BK or 2 years perfect credit with BK. That is what they used to do the loan. Washington Mutual won't do an FHA loan until the BK is 5 years old no matter how your credit is, so FHA may not care about the 585 score but the lender he went with probably did. You found a more lenient lender which is what I did too.
Congratulations. and don't forget FHA has a lot of pluses, like refi. @ lower rate w/ minimal or no hassle & or $, can't remember all the details. B/T/W, what line of work is husband in, if you don't mind me asking? <<<"My husband makes around 200K a year"">>> I like that neighborhood!!!!!!!
