Posted on: 02nd Feb, 2010 06:47 pm
My husband and I are trying to purchase our first home. He is the only one working, I am a stay-at-home mom and having a baby in 5 weeks. We want an FHA loan in his name only, since he is employed and I have bad credit. He has been at his job over 2 years, has a score of 620, and we have the 3.5 percent down payment. The house we want to buy is 95,000, but he only makes $10.00/hr. My question is, could we get a loan that high? He has no debt, no car loan or credit cards. Thank you in advance for your help.
Hi JLLGonzales,
Your husband will have to contact the lenders and check out their terms and criteria. They will let your husband know whether or not he would be able to qualify for a loan. Your husband can even speak to the lenders of this community and seek a no obligation free mortgage consultation from them. This will help you know the market rates and terms available now. With a credit score of 620 and a downpayment of 3.5%, there are high chances that your husband would get a FHA loan.
Your husband will have to contact the lenders and check out their terms and criteria. They will let your husband know whether or not he would be able to qualify for a loan. Your husband can even speak to the lenders of this community and seek a no obligation free mortgage consultation from them. This will help you know the market rates and terms available now. With a credit score of 620 and a downpayment of 3.5%, there are high chances that your husband would get a FHA loan.