Home Buying in Charlotte>Question Details

Brittney, Home Buyer in Charlotte, NC

How to go about getting an fha loan.?

Asked by Brittney, Charlotte, NC Mon Jun 24, 2013

My husband an I are trying to purchase our first home. He is self employed with a score around 620..how would we go about getting an Fha loan? Would we even be able to qualify?

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Answers

7
Daniel Fisher’s answer
Good afternoon, Brittney:
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.
0 votes Thank Flag Link Mon Jun 24, 2013
Brittney,

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.

Best,
George Cohen
Mortgage Banker
678.442.3401 Office
678.985.5923 Fax
gcohen@brandmortgage.com
apply online: gcohen.brandmortgage.com

NMLS# 75615 | 1078450
0 votes Thank Flag Link Tue Jul 2, 2013
Brittney,

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
0 votes Thank Flag Link Wed Jun 26, 2013
You are going to want to talk to someone who is familiar with FHA loans. Before you have anyone pull your credit I would talk with them and make sure they can help you out. Because your husband is self employed you are going to have to produce two years of tax returns (he has to be at least 2 years of self employed) and they will base the qualifying amount based on those tax returns.

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 chris.ayer@mortgagefamily.com

Dave diCecco
Realtor/Broker
Coldwell Banker United
Cell:704-519-7895
ddicecco@cbunited.com
http://www.davedicecco.com
0 votes Thank Flag Link Mon Jun 24, 2013
you can apply securely online at my website and even complete your automated underwriting findings so that your realtor can receive a pre-approval letter for your purchase offer!

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.
0 votes Thank Flag Link Mon Jun 24, 2013
Hi Brittney,

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.

Sincerely,

Debbie Arriero
ABR, AHWD, ASP, CRS, e-PRO, GRI, SFR, SPS, SRES, REALTOR

Arriero Realty, Inc.
Office: 704-443-8627
Fax: 704-321-2403
mailto:ArrieroRealty@gmail.com
0 votes Thank Flag Link Mon Jun 24, 2013
That is a great question for a loan officer. Your credit score sounds like it is within the range to get an FHA loan but with him being self-employed, there will be some additional requirements and only a loan officer will be able talk to you about once they know your specific situation. If you need a recommendation for a great loan officer, I would be happy to provide some for you. Just shoot me an email.

Amy Baker
Allen Tate Realtors
704-258-1459
Amy.Baker@allentate.com
0 votes Thank Flag Link Mon Jun 24, 2013
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