self employed home loan

Asked by Kelly, Pennsylvania Mon Mar 10, 2008

My husband is self employed, has poor credit including tax leins on report. I also work, have good credit score of 730 but work only part time so I need to combine income for loan. But I know with combining income they will look at his credit score. What chances do we have of getting a loan with his debt problems? Looking for the best loan options. Thinking of FHA loan. Any advice would be helpful. We're looking at a 45,000 house in the pittsburgh area and have a down payment.

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Ted Dietz, Agent, Seattle, WA
Mon Mar 10, 2008
Hi Kelly,

FHA is an excellent way to go right now. There are a few elements that make them attractive:
1. They are not credit score driven 2. At the end of last week the interest rates were running .5 points below conventional rates 3. They just boosted the lending ceiling last week meaning you can buy more house with them 4. They only require a 3% down payment 5. Your down payment can be gifted.

FHA has also lightened their inspection and appraisal requirements from what they were a few years ago.

The only negative I can think of with them right now is that you will pay mortgage insurance for at least 10 years regardless of the amount of equity you have in the property.

This is a product I am suggesting people really look into.

You should definately speak with your lender about FHA loans.

Hope that helps,
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