first of all, what do you mean by OK credit... Well, you need to have a score of 620 to qualify for FHA loan... Lenders can go for a lower score but they can charge you higher interest rate... you need to show your bank documents and employment history for the past 2 years...

You qualify for FHA the same as you would for any other loan

620 credit score, income to justify the price of the home, 2 year job history

does not matter if you are 1st time home owners to qualify

One thing to remember with FHA is you need to be able to document your income. The lender is going to want your last 2 years w-2's, last 2 pay stubs & bank statements. It is a little trickier to get approved as a self employed person, but possible.

Norman Sinai
Realtor- Realty World Bay Area Group
925-829-7500

Hi "Wants a HOUSE!!"

Don't forget you can ask the sellers to help you with your closing costs and prepaids so you can focus on your 3.5% down payment. If there is money left over from the sellers that could be applied to the 1.75% mortgage insurance premium. Depending on your credit score FHA is at times the best way to go. Also depending on where you want to buy USDA Rual Development loans might be another option and you can finance up to 100% of the sales price. This is a great time to buy. Feel free to contact me should you have any further questions. Good luck in your search!

To qualify for FHA you have to put down 3.5 % of the purchase price of the home. There is also a 1.75 Mortgage insurance premium that you can pay up front or have it rolled into the cost of the loan. I would start by talking with a lender and asking as many questions about an FHA loan as possible.

Hello there "Wants A House",

It is my understanding that true first question is going to be centered around your credit score...my sources tell me that anything below a 620 FICO score is going to require a little work on your part to clean up your credit history. The second question is going to be...do you have 3.5% of the total value of the house (you want to purchase) to put as a down payment towards your next home. These two questions are a good starting point.
Although I am not a lender, I am a real estate agent...so my true concern is always "what I can do to help you" & "why you think you would like to work with a Realtor"? Once you have an answer for the four questions I referenced previously...you are off to a good start, let me know if you have any additional questions I can answer for you...have a wonderful weekend.

Wants,

Listen - let's say that your credit is "good enough" to get an FHA right now - but not "good". It will be to your benefit to wait - build your credit up over the next 5-6 months - you CAN increase it a great deal in that time if you work hard.

Then - you will get a MUCH better rate when you buy a home in Sep - Nov. So you take advantage of the $8000 first time home buyers, and other programs - and your RATE will be better than it is now from a better credit score.

Make sure if you are a 1 st time home buyer, that you receive your 8,000 tax credit/ cash on your taxes. This will basically reimburse you for your 3.5 you put down.
Email me , I can send you details on this and property listings in Metairie.
RealtorCraig@cox.net

FHA credit score requirement is now up to 620.

Wants, I think these Two sites might possibly help...http://portal.hud.gov/portal/page?_pageid=73,1827624&_da… and http://www.govloans.gov/govloans_en.portal?_nfpb=true&_p…

Hope they do, Dunes

Yes, first time buyer is good, credit score has to be about 580, and you will need 3.5% downpayment to buy FHA...plus some extra in savings, but you can get a gift for your down payment from a family member if you needed it. I would get a Good Realtor to help you in this buying mode.