I would be more than happy to take a look at your situation. Feel free to give me a call anytime to assess your options. Also, i can advise you on how to raise your credit to the level that it needs to be for FHA.
apply online: gcohen.brandmortgage.com
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The FHA has standards like any other program. Let me help you with more specifics, this isn't everything but I hope it gives you a better idea.
-Icome to debt ratios = 46.99 for mortgage (front end) / 56.99 including all other debts on credit (back end)
-No 30 day lates on martgage in past 12 months. Credit cards can be okay if you have a good explanation.
-If self employed, you do need 2 years of documented income and the average of both years will be used in calculating. So if you do have 2 years, make sure you add back in your depreciation and depletion for both years, as well as subtract the unreimbursed business expenses.
-Credit of 620+ works, but you won't get the best pricing.
-You will need an FHA appraisal
-The FHA program only requires 3% down
I hope this is more in depth. Let me know If there is something else you had questions about regarding this. Good Luck
Generally, self employed persons need two years in business and two tax returns. Loan is based on average income stated on tax returns. You might want to review the Trulia Real Estate Blog "I have bad credit and no savings. Can I get a home or am I stuck renting?" If you meet the criteria there, you should be able to get a loan. I have some references for you if you contact through profile. If you have a full time agent with a Masters degree in Planning with Finance and over two decades of experience, working for you, you will likely do better in negotiations. I'd be pleased to provide that service. If you appreciate this answer, please give it a thumbs up, or if this was the most helpful answer, please say thanks with a best answer click.
If his credit score is over a 600 (when the bank pulls it and he has no lates or derogatory credit in the past two years I would say you have a good chance of getting approved...
I am not a mortgage broker but deal with a lot of FHA loans and have seen what it take to get approved. A mortgage broker will be better able to tell you though.
I use Chris Ayer at Coldwell banker mortgage. You can reach him at 704-771-3954 or firstname.lastname@example.org
Coldwell Banker United
So you don't really need me for anything; but I'm happy to answer any questions you might have and help advise you on how to prepare for the lending process.
The first thing to do is find a loan officer that is familiar with FHA loans, then find a Realtor that works with a lot of FHA buyers. When we purchased our first home, it was using an FHA loan over 35 years ago. Your husband's credit score sounds good, but it will mainly depend on how long he has been self-employed. I would be happy to chat with you and connect you with a great loan officer. Please contact me at 704-443-8627 or email me at ArrieroRealty@gmail.com. I look forward to hearing from you.
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Arriero Realty, Inc.
Allen Tate Realtors