Profile picture for kmart1985

FHA Rehab Loan

To start off with, I guess I'll give you my "stats". My credit score is about a 630 as of a week ago. My yearly income is $35000. I have worked full time at my current job for one year. Prior to that, I was a full-time student. My current monthly obligations total exactly $495.

 I want to purchase a 2 unit property listed at $79,900 in NE PA. I have not had an inspection done yet, so I have no idea what type of things I will run into, however I do have a feeling there will be a small amount of work needed.

I guess my question would be first, is this property eligible for the loan type I am interested in. The second and most important question would be whether I would qualify for this loan.

I had thought of co-signing with my fiance, which would help with income, however her credit score is only 502. I'm pretty sure this wouldn't help my situation very much.

I would greatly appreciate any input you have regarding my situation, as well as an honest opinion of my chances of being approved.

Thanks in advance for your time and consideration.
  • January 19 2011 - Luzerne
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Answers (1)

Profile picture for AzLender
kmart, first off, you can qualify for a 2-unit property as long as you occupy as your primary residence one of the units.  Second, yor fiance would be ineligible to qualify due to her credit score.

According to your income and debts you should qualify.  I highly recommend you get a complete loan application and all required paperwork in as soon as possible to an experience mortgage professional.  Today's real estate world is quite complex and requires a little more documentation.  I do not like seeing my buyers get their heart's broken if something was to prevent you from qualifying.  Let me know if you'd like any help in the process. 
  • January 28 2011
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