Can I get an FHA home loan in California?

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I have a score of 605 credit, debt ratio of 26%. Gross annual income of $ 65K. Can I get an FHA loan? I want to be a buyer’s market here Califonia. Do not use credit score of my husband because he is bad, I use my own income because it pays the mortgage? Do not use the income from my husband, I am more likely to qualify on my own since I got home from $ 400K. Just curious, my current statistics, if I get an FHA loan w … Homes Savings! Stop Foreclosures Now!

7 Comments
  1. Reply
    blondie
    February 24, 2011 at 7:00 pm

    i cant tell you if you will qualify but i do know that if you are married and you want to claim his income, you have to include his debt/bad credit score as well.

  2. Reply
    ScorpionSDGuy
    February 24, 2011 at 7:47 pm

    The bank will most likely use the credit score of the higher wage earner. You cannot have your cake and eat it too. So your husbands info will have to be apart of the loan process unless you can qualify solely on your own.

  3. Reply
    FRANK Mortgage Broker
    February 24, 2011 at 8:44 pm

    FHA has certain requirements. You need to consider his credit, if his income is being used to qualify for the loan. If his income is not needed, then you should be OK. FHA also requires that you have not been late for mortgage (rent) more than 2 times in the past 12 months.

  4. Reply
    loanmasterone
    February 24, 2011 at 9:21 pm

    Normally a lender will use the credit scores of the person earning the most income. So if you are the one earning the most in the family then the lender will use your credit score.

    If you want to use your husband’s income to qualify the lender will probably only use his income and not his credit score.

    If you fail to use your husband because of his credit score you will not be able to use his income for qualification.

    If you fail to use your husband to qualify for the mortgage, he will not be able to sign the loan docs as well the lender will require that he sign a quit claim deed during escrow giving you all rights to the property as California is a community property state.

    Once the loan and escrow close then you may add his name to the deed, but not the mortgage.

    I don’t know where in California you reside, but there are many homes available in Southern California for sale that are now either bank repos or the sellers have reduced the price.

    I hope this has been of some use to you, good luck.

    “FIGHT ON”

  5. Reply
    Jaelyn
    February 24, 2011 at 9:54 pm

    Home loans are now available to many people for whom they would have been out of the question just a few years ago. You’d be in much better shape to bargain for better interest rates if you had a more impressive credit history, but if the house you want is the deal you believe it to be, a bad credit home loan can stillinterest rates, get bigger returns on the money loaned, and the borrowers get a homes in which to build equity, and chances to restore their credit records so that the first bad credit home loans they take will also be the last!

  6. Reply
    Big daddy
    February 24, 2011 at 10:47 pm

    You should be ok, the 605 is just above the board, the only thing you might get hit on a little bit is if you have to pay mip. They are calculating mortgage insurance by a risk model starting in about 7-10, so the low score may bump that payment up a bit, but if you can put down 22%, or go with a 15 year term, you won’t have to worry about it. go to fha.com or fha.gov for more details, hope this helps and feel free to ask questions, good luck

  7. Reply
    Jennifer
    February 24, 2011 at 10:54 pm

    Hi,
    I used “Credit Solution” to settle my debt and avoid bankruptcy .They managed to reduce my debt up to 58%.It’s legitimate.I came across this company on NBC News Special Edition.Check it out here:
    http://simurl.com/cewnal

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