Credit score, income, etc. We’re looking at a $150,000 house.
Basic FHA loan qualification guidelines:
* Two Years of steady employment, preferably with same employer.
* Last two years Income should be the same or increasing.
* Credit report should typically have less than two thirty day lates in last two years with a minimum credit score of 580 or higher or no credit score at all.
* Bankruptcy’s must be at least two years old, with perfect credit since discharge.
* Foreclosure’s must be at least three years old, with perfect credit since.
* Your new mortgage payment should be approximately 30% of your gross (before taxes) income.
Good luck with the new house! = )
google morgage calculator. It will tell you exactly what you want to know.
I wouldnt buy a 150000 house unless I had at least 20% down. But right now is a great time to buy. If you go to sheriff auctions you can get houses worth about double that for that price.
Personally owning a house morgage free would be more appealing in this unstable economy. Here are some great websites for you to explore in your free time….
http://www.resales.usda.gov/
http://www.homesales.gov/homesales/mainAction.do
http://www.hud.gov/local/index.cfm
good luck!!!
References :
Basic FHA loan qualification guidelines:
* Two Years of steady employment, preferably with same employer.
* Last two years Income should be the same or increasing.
* Credit report should typically have less than two thirty day lates in last two years with a minimum credit score of 580 or higher or no credit score at all.
* Bankruptcy’s must be at least two years old, with perfect credit since discharge.
* Foreclosure’s must be at least three years old, with perfect credit since.
* Your new mortgage payment should be approximately 30% of your gross (before taxes) income.
Good luck with the new house! = )
References :
http://www.fha-home-loans.com/loan_qualifying_fha_loans.htm