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Replies (3)
- Brian Brady
- Contributions:117
Credit scores of 620 are required, now for an FHA loan. Large chargeoffs, collections, or judgments would disqualify a borrower.
In addition to the minimum credit score, a good 24-month payment history is suggested.
FHA loans are full documentations loans so the income used for underwriting will come off of the Adjusted Gross Income, at the bottom of page 1, of your 1040. Any depreciation or retirement plan contributions, taken as deductions, can be added back in to the adjusted gross income for qualification purposes.
In addition to the minimum credit score, a good 24-month payment history is suggested.
FHA loans are full documentations loans so the income used for underwriting will come off of the Adjusted Gross Income, at the bottom of page 1, of your 1040. Any depreciation or retirement plan contributions, taken as deductions, can be added back in to the adjusted gross income for qualification purposes.
- Robert Lowery, "Bob Lowery"
- Contributions:2097
Brian, I just closed a 584 yesterday. There are no minimum scores required, however it needs to make sense,
I also just got an "AE" with a 580s two days ago.........its closing in March.
Both were FHA.
I also just got an "AE" with a 580s two days ago.........its closing in March.
Both were FHA.
- Paul Mondello, "Paul Mondello"
- Contributions:2095
Bkeys - what do you mean by the house needs repairs? The roof? The windows? The doublewide fell off the foundation?
Maybe more info is needed to rightly answer your question. *yes anything is possible, but why the rush, if you and yours can lay your heads on a pillow every night and can comfortably expect to do so into the near to distant future...should clean up your credit on the front end, while saving as much money for a down payment/rainy day fund as you can?
Brian
a 24 month payment history is suggested?
Is this based on guidelines? Or like a wine and food pairing? Does the A in FHA stand for ambiguous? How does that work?
FHA LOAN APPROVALS
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