Anyone who has been approved for a FHA mortgage, please reply to this. I've been in the "credit clean up" process for a few months now. I've gotten a lot of deletions for me & my husband. His scores are 599, 629, 607. Mine are 559, 569, 517. We have a joint car loan that's 1 1/2 years old & never been late paying. My husband has 4 credit cards that have never been late but a Gateway computer that's been late 3 times in the last 18 months. My latest negative item is a car loan from 1999 which has since been paid off. What are our chances of getting a loan? I want everything pretty much cleared up before we even go talk to a mortgage company. Thanks.
I got an FHA loan in May 2001 at 7.75% I had quite a few collections, but all were paid. That is all they were concerned about for collections. They also looked at my recent history. I also had to write a statement about my past delenquencies (I was in college and got in over my head. I have now been current on all payments for 3 years, blah, blah, blah).
This link should let you know everything you need to qualify for an FHA mortgage. http://www.fhalibrary.com/
Wait a minute! That link tells me that if I were to apply for an FHA mortgage, that my wife's credit is also factored in? Even if she doesn't work and the house would be in my name 100%? GREAT! Now I have to spend a year fixing her issues also. That sux.
I was approved fro an FHA mortgage two weeks ago. My credit has some imperfections, but my future husband's is flawless. I know they pulled EXP and EQU, not sure if they pulled TU or not. Our rate is 7.25 I used FHAlibrary.com to get information as well as the message boards on realtor.com My credit scores are listed below. His scores are all over a 700 except for experian because he has a lot fo recent inquiries and a lot of debt(school, credit cards and two vehicles). My last negative are lates from march and april 2000 on eq and exp and a collection from 2000 june on exp as well. FHA pretty much caters to everyone from what I have been told. How much do you have to put down?
Both of your credit YES...IF "JOINT" purchase... If you QUALIFY by yourself...don't put her on... Some state laws over-rule your rights...(ONE IS CALIFORNIA...COMMUNITY PROPERTY STATE). Some posters have said "AFTER THE FACT"...you can add her...
Not true about taking both spouse's credit into consideration. The mortgage is in my name only because my husband's credit is worse. His name is on the deed, but not the mortgage.
Go to the bottom of this link where it talks about "Non-purchasing spouse". It doesn't sound fair. http://www.fhalibrary.com/how_to_qualify_fha/credit.asp
Non-purchasing Spouse: If a married borrower is purchasing a property by himself/herself, the credit obligations of the spouse must be included with the application and will be factored in with the borrower's credit obligations and used to determine the financial capacity of the borrower. Furthermore, the non-purchasing spouse may be required to sign a security instrument or documentation relinquishing all rights to the property.
When we got our first mortgage through FHA a few years ago we did it just in my name, they never looked at my wife's credit. I hope it's still the same, we want to buy a new house next year! Tbird
All I can say is, none of that stuff applied to us. My husband didn't sign anything... Not sure why...
Ours is in Hubbys name only as well. Mortgage is in just his, title in both our names. They did not look at my credit or even ask me anything about it. Only thing is on the mortgage docs it says "a married man and his wife". I didn't sign anything.
You didn't add..."WITH RIGHT OF SURVIVORSHIP"...so the tax man wouldn't "PICK YOUR POCKET", IF HE/SHE DIED???
I have no idea what that even means.LOL But, we did get an offer on the house today so unless he dies in the next month I should be good. If he does I have 30 grand all to myself. OK NOT FUNNY...
I got an FHA loan on my own without my wifes name on it or credit being pulled. The deed ended up in my name only(FHA rule if spouses credit is not pulled) so 10 minutes after the deed was filed my bank had a second one made up with my spouses name on it . I think they called it a quick claim deed?? They stressed it was important to file the FHA one first then the quick claim with both names second. The title company handled everything. I checked my records at the courthouse and we are both on the deed so it worked fine!!!I did have to pay for the second tiltle to be created.
