Will I get approvef for a FHA loan?My wife and I are looking to buy a foreclosure home that costs $39,000. This home needs a lot of work and I know there is mold in the basement and a few broken windows. My wife has a credit score of around 635 and mine is around 560. I have been with my job for about a year and 2 months and make around 34,000 gross, she has been with her job for less than a month and makes about 20,000 gross. We also have perfect renters history for the past 2 years. We will be able to put anywhere between 5000-8000 down. We are looking to get a FHA loan so we do not have to put as much down which will free up more money for repairs but we were also looking at a 203k loan as well. I know that everyone will say wait a while and fix my credit history but this house is a awesome investment with so much potential. Please let me know what our chances are of getting approved for a FHA loan as well as a 203k loan. Thank you for everyones help.July 07 2013 - Belleville0YesReport a ProblemProblemSelect oneOffensive contentIrrelevant contentSpam (pure self-promotion)OtherDetailsYour emailPlease enter a valid email address.Submit CancelContent flaggedWe will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.We're sorry. This service is temporarily unavailable. Please come back later and try again.