Posted on: 16th Aug, 2009 04:46 pm
i do have income job for 3 years i have a fico of 665.
Hi Spike, Yes with a 665 you can apply for a fha loan as the minimum is only 620. 3 years of stable work is good. Other factors will be income, debt, bank statements, pay stubs.
Gary is right.
In order to qualify for an FHA loan it is not as simple as having a good credit score.
Here is a short list of factors that will be considered.
1. Your Debt Ratio (what % of your income is going out the door towards your Mortgage and also all other bills reflected on your credit)
2. Down Payment (if it is a purchase)
3. What type of income is your job (commission, salary, )
4. Do you have any write-offs on your Taxes other than your normal deductions (i.e. business write offs, other home, ect)
5. The property - (is it a condo, is it a multi family, is it a Single wide Trailer)
6. The condition of the property
7. Do you plan on occupying it as your primary residences?
8. Your Bankruptcy and Foreclosure history?
and so on and on
The purpose of going to a lender and filling out an application is to get a rate quote and to find out if your loan will be approved. I can confidently say that you will not be denied for an FHA loan based off your credit, your credit is sufficient to qualify....but there are far too many factors to speculate whether or not you would be approved just off your credit
Call a lender, it will only take a 10 minutes or less
Good luck!
In order to qualify for an FHA loan it is not as simple as having a good credit score.
Here is a short list of factors that will be considered.
1. Your Debt Ratio (what % of your income is going out the door towards your Mortgage and also all other bills reflected on your credit)
2. Down Payment (if it is a purchase)
3. What type of income is your job (commission, salary, )
4. Do you have any write-offs on your Taxes other than your normal deductions (i.e. business write offs, other home, ect)
5. The property - (is it a condo, is it a multi family, is it a Single wide Trailer)
6. The condition of the property
7. Do you plan on occupying it as your primary residences?
8. Your Bankruptcy and Foreclosure history?
and so on and on
The purpose of going to a lender and filling out an application is to get a rate quote and to find out if your loan will be approved. I can confidently say that you will not be denied for an FHA loan based off your credit, your credit is sufficient to qualify....but there are far too many factors to speculate whether or not you would be approved just off your credit
Call a lender, it will only take a 10 minutes or less
Good luck!
And the last, what portion of income do you pay on installments? At least 35% of your income will have to be kept aside for your personal expenses to qulaify for the loan Have you done any work to improve your score?
Please let us know of your credit history.
All the best!
Please let us know of your credit history.
All the best!
i think the 665 suffices as to credit history, though no mention's been made of current indebtedness.
