Also the house has to have good structure, FHA will not lend to home with foundation or any sort of structure issues. Be sure the HUD home you are looking at can meet FHA requirement.
JP and Associate
600 - 620 credit scores and steady job are the biggest hurdles.
If you have some hiccups on the credit, they need to be old.
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Barbara brings up a good point. If you are looking to buy investment properties then you would look for a different type of loan.
If you intend to purchase the property as a new primary residence, then you would be looking at 3.5% or the purchase price for a down payment, preferably a 640 or above credit score with no foreclosures or bk's in the past 36 months, your payment can not be over 47% of your total before tax income and housing payment and all other debts can not exceed 57% of your total before tax income.
I hope this helps, please let me know if I can be of further assistance.
Joshua Lerette â€“ Sr. Loan Officer
Residential Finance Corporation
Licensed Mortgage Loan Officer
100% Home Loans All Over Texas!