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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.
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July 07 2013 - Belleville
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203k loan is designed to help home owners who are in need of financial help for home repairs, renovation, and even new purchase.

Get a feasibility report to see if you can afford the repairs. You will get a report that tells you how much money will be needed to bring the home up to FHA guidelines.
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September 22 2013
Lenders make loans above $40K.
Sorry, but FHA will not give you a loan for a house with mold. Appraiser will catch that.
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July 07 2013
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Thank you very much Anna this is very comforting news.  Does your company only work with loans in your region?  We are located in Belleville IL.  If not do you know of another company that will work with this type of situation?

Thank you very much. 
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July 07 2013

We can help anyone with 500+ mid fico scores with as little as 10% down.  We always try to bring the score to 580+ before we move forward for 3.5% down and even possible a 3% down payment assistance program.  You can also find out more about our loan programs online (203k up to $35,000 in repairs).  Apply online with [Removed by Zillow Moderator. Please see our Good Neighbor Policy.] for a fast pre-approval.

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July 07 2013
You need to speak with a lender or 2, but I do not think lenders make loans under 75K. My web site has some lender references. give them a call.
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July 07 2013
 
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Will I get approvef for a FHA loan?
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Latest answer by whywaitbuytoday cfs203k
September 22 2013 | 5 answers
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