Credit Score in 16101>Question Details

Pabuyer, Both Buyer and Seller in 16101

my husband and i want to build a new home, i have a discharged ch 7 (2 yrs ago) and credit score of 645, his around 545 would we qualify for fha loan

Asked by Pabuyer, 16101 Mon Nov 14, 2011

Help the community by answering this question:

Answers

2
Jim Simms’ answer
From my FHA manual: Two years from discharge date; evidence the applicants have demonstrated ability to handle their credit affairs; and that applicants have re-established acceptable credit.

His score does not sound like he will meet the minimum credit score threshold which probably means he will not meet FHA scorecard either.

Info on Rent to Own:
http://www.trulia.com/blog/jimsimms/2011/11/rent_option_or_r…

Credit Repair can be a Crime:
http://www.trulia.com/blog/jimsimms/2011/10/credit_repair_ca…

Down Payment Assistance in Kentucky:
http://www.trulia.com/blog/jimsimms/2011/03/down_payment_ass…

http://www.trulia.com/blog/jimsimms/
0 votes Thank Flag Link Mon Nov 14, 2011
Hello PA buyer.

FHA does not finance new home construction.
Also, although technically FHA states that you need more than a 500 credit score for an FHA loan, I do not know any lender doing less than a 560 score and that would require a minimum 10% down payment.
So unless you can qualify on your income alone I do not see you getting an FHA loan at this time. Also if you had a BK two years ago FHA requires that you re-establish credit after the BK and typically underwriters do not want to see even one blemish on your credit after a BK.

Best Regards,
Alan Openshaw
Cornerstone Lending
Southampton Pa
267 992 7276
VOTED BEST OF BUCKS 2010
0 votes Thank Flag Link Mon Nov 14, 2011
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2015 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer