Does anyone have an FHA mortgage to obtain within 6 months? How strict are the requirements?

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My husband and I are applying for an FHA mortgage interest soon. We fear that we are not enough, because my husband just finished his college education and not 2 years of history full time income. Otherwise, see our profile groß.1. Our credit score is approximately 7202nd Our outstanding debt consists primarily of student loans with low interest loans and small cars, we intend to pay within the next Monaten.3. My husband has a steady job as a software engineer and currently provides a base salary of $ 50,000 per year. Job performance over the last 3 months on the job market has in his head, “exemplary”, it will more than likely get a raise during annual evaluations in February. The demand for software engineers should grow considerably retirement of baby boomers now because nowhere to go for it, but auf.4. We are determined that our maximum loan amount shall not exceed $ 125,000. Our ideal loan would be approximately $ 100,000. We intend to remain at home for 10 to 20 Jahren.5. We live in Huntsville, Alabama, an area with a strong economy and low Wohnkosten.6. We have enough savings for a deposit of 5% to decken.Die only factors that prevent us from a traditional mortgage, the lack of employment history and small Anzahlung.Wenn someone got a mortgage at work or has experience of these loans please give me your comments.

4 Comments
  1. Reply
    golferwhoworks
    May 14, 2011 at 1:21 am

    apply now as the years in school will be employment data in theapplication and that was at least 4 years
    I am a mortgage banker in TN & KY

  2. Reply
    ZiggyMa
    May 14, 2011 at 1:23 am

    I just bought our first home with an FHA loan. Almost the same credit score actually. And I make $ 50K a year too.
    My hubby had poor credit so I just qualified on my own. I was only required to put down 3%, so with 5 you’re ahead of many first time buyers!
    You sound like great candidates for a loan. Best bet is to go talk to a broker or your bank and see what you can pre-qualify for. Good luck!

  3. Reply
    ~♠♥CJ♥♠~
    May 14, 2011 at 1:33 am

    Oh, I’m sure you guys will qualify. I live in Huntsville too and my fiance and I have gotten pre approved for an FHA loan not too long ago. I make more than my fiance (around what your husband makes), and will be the primary one on the mortgage but at the time I only had about a year of full time income (first job after graduating from college). I don’t know where you plan to go, we went to Countrywide and are planning to go to Redstone Federal CU too, but the agent at Countrywide counted my years in school as part of my current job since my degree is relevant to my job. My credit score is in the high 700’s but my fiance has no credit, so we have to go FHA since we will both be on the loan. I’m sure you guys are fine. Go ahead and talk to a mortgage broker, now’s the time to buy!

  4. Reply
    Ed Atun
    May 14, 2011 at 2:06 am

    You should qualify for an FHA loan under the scenario you describe. There have been no major changes in the last 6 months in FHA underwriting. FHA has never been very strict. That is why they are more expensive to obtain than conventional loans..

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