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can I get a fha loan?

I'm a single parent of one who filled bankruptcy a year ago. I make $60,000 a year. My debt to income ratio is 28%. I'm working on my credit score currently. I have around $3000 saved. My score now is 575. Can I get a loan our should I try to continue to work on my credit?
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August 01 2012 - Jasper
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Thank you and it was a chapter 7 bankruptcy.
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August 01 2012
Following up on this thread. My initial response focused on the credit score, but should have included a response for the bankruptcy.

Researching this question with a lender, there are minimum seasoning requirements depending on which Chapter was filed and which loan type you are tying to qualify for. If you filed for Chapter 13, and you are applying for FHA or VA financing, at least 1 year of payout must elapse. With satisfactory payment history + court permission, financing is possible to obtain.

The best path to discovery would be to connect with a lender and have her review your specific circumstances for a reliable answer.
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August 01 2012
Hi mslandra,

Are you currently working with a lender? It is feasible that you could qualify now for an FHA loan, per minimum requirements.

"Minimum credit score requirements for FHA home loans depend on which FHA loan product the applicant needs. Generally speaking, to get maximum financing on typical new home purchases, applicants should have a credit score of 580 or better. Those with credit scores between 500 and 579 are, according the the FHA guidelines, "limited to 90 percent LTV". Applicants who have a minimum decision credit score of less than 500 are not eligible for FHA mortgages."

If you are in need of a lender referral, please message me through my profile. I know of several that could assist you today.
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August 01 2012
 
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can I get a fha loan?
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August 01 2012 | 3 answers
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