Profile picture for user1123094

Chances of FHA approval

My best friend and i would like to buy a house together. Here's our situation we want to know if it is even in the realm of possibility's to get approved for a FHA loan

Me:
I'm 22 
worked the same job for 2 years ( 28K)
Cred score of 650. Had some credit issues in 2008 (all paid in full)
owe 1,700 on a loan
5K for a down payment

Him: 22
2 years on job 29K
Credit score of 715 (has some credit cards and a car loan)(5K debt)
3K down payment

We are looking at houses around 125K 

Do we have a chance at getting an approval? 
  • May 13 2012 - US
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Answers (5)

Profile picture for GMerino
For FHA loans as long as you and your friend will occupy the property as a primary home you should not have a problem. 
  • May 14 2012
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Call a qualified lender and asked to be pre-approved. Any reputable lender will do it at no cost. wetdawgs makes a very good point. I have done many loans for best friends buying a home together, non of which ended well. Inevitably something happens that causes a rift. What happens when one of you wants to get married and move out, loses a job or gets sick and can't afford the payment? If you still feel like you must do this then please sit down and work out in writing how you will handle the disposition of the home should the need arise. Good luck, John
  • May 13 2012
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Profile picture for Jarrid Echard
This is a question for a lender, I'd talk to a bank / morgage broker to see if you can get a loan (and up to what amount) before shopping around for homes.  It will make it alot easier to find a home if you know what price range to look at.  Your credit scores should be ok and that will help!!

Good Luck On Your Search!!!
  • May 13 2012
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Contact a local mortgage professional in your area and they will advise you. Most can do this over the phone just by providing some simple information. Best of luck!
  • May 13 2012
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Profile picture for wetdawgs
Are you both going to live in the property?

Have you sat down and worked through the details of what happens in case one of you wants out and the other can't refinance?

  • May 13 2012
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