top Ad Widget

Collapse

Announcement

Collapse
No announcement yet.

questions about FHA loans

Collapse
X
 
  • Filter
  • Time
  • Show
Clear All
new posts

    questions about FHA loans

    FIrst question - how much does rental history factor in?

    Early 2014 I will be two years post-discharge and hope to be able to put 15-20% down on a home.

    I don't have any "real" rental history. With my recent credit issues I haven't been able to rent officially, so I lived with friends/roommates whose names were on the lease and I just paid my friends for my portion of the rent. I'm hoping to be able to sign a lease in the next couple months, so by 2014 I would only have one year of rental history.

    I'm thinking my FICO will be 650ish by the time I apply for the loan.

    I'm just wondering how much the lack of rental history will hurt me?

    Second, is it difficult to get FHA loans on condos?

    There's a condo building nearby that was completed when the economy was at absolute rock bottom. There are tons of units there open, and they are NICE. That's where I would like to end up being, but I've heard it can be difficult to secure financing for condos.
    Filed: 12/29/11
    341 Meeting: 1/23/12

    #2
    We just closed and they didn't look at our rental history at all. Credit will be the biggest factor. DId you foreclose on a property when you filed for BK?
    They'll want credit to be in the high 600s. Do you have any credit cards? A car loan? Those things will help bring up your credit score.

    I don't know if it's difficult to get a FHA loan for a condo.
    8/5/08 - Filed Chapter 7
    9/10/08 - 341 Meeting - It went great
    11/10/08 - Last day for Objections
    11/12/08 - Discharged & Closed!

    Comment

    bottom Ad Widget

    Collapse
    Working...
    X