Will I get approved for an FHA loan?

[lukepetry]

Hello everyone,

I am so grateful for finding this amazing website! There is so much to learn from here!

My credit is 698 from CreditKarma and my fake-o from truecredit is 728 (I know all of it is just an estimate)

I have one credit card with $1,200 limit and another with $250 limit with both being almost one year old. (my credit history is only about a year old)

I have been using both of my cards - hence why my credit has increased since a year ago.

I don't have any bad marks on my credit. The only thing I have is a federal loan that is $3,000 which I am paying off $50 a month (I want to have a long history with them). I usually pay off all of my credit cards off at the end of the month but sometimes may have 5-10 dollars on them rolling over.

I have been in work the passed 3-4 years but with different jobs. Recently worked at 1 job for about a year and a half for a sales position. During that period I obtained my CNA license and am now working as a CNA for about 4 months and there is a significant amount of pay. I am working full-time and count this as my permanent job.

I have been renting for about a year and 10 months.

So now to get to the point!! There are quite a few houses that are in the $50-60,000 range that is perfect for my first home!!

Gross I make $19,440-21,060

So my question is..do you think they would approve me for a loan of 50-60k with my income and weird work history?

[Cat Damiano]

Hi lukepetry,


Welcome to the forum and thank you for joining..............


Basic FHA loan requirements.

• 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 620 or higher or in some cases 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.
  

FHA Loan Requirements

In order to get an accurate portrayal of whether or not you would qualify, you would need to speak to an FHA approved lender, you can search for ones in your area here;

HUD FHA Lender List