Will I still qualify for an FHA loan?

Asked by outthegate, 78550 Tue Jul 29, 2014

I have a 679 credit score and make 40k/year. I am currently in an owner financed home. Will I still qualify for an FHA loan? Is it possible to build? We don't want anything extravagent. Just some more room. Family of four in a very tiny 3/2/1.

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Bill Royster, Agent, Garner, NC
Mon Aug 18, 2014
FHA doesn't offer a construction loan, with today's market and prices, You should be able to find a meet your needs. Several factors will come into play with mortgage qualifications...debt to income ratio's, amount of time on job and if you plan on keeping the owner financed home.

Having built homes in the past, finding land to build on (at a reasonable price) is one of the major challenges with building. I have several lenders who come highly recommended, If you would like more information, please feel free to contact me.
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Fina Curtis, Agent, Raliegh, NC
Wed Jul 30, 2014
Most lenders will do an FHA loan with credit scores of 620 and higher. However, the lender will look at your credit report for late payments (greater than 30 days) for the last 12 months, and will look to see if there are any Judgments, bankruptcy or foreclosures. There are tree elements in a loan qualification: Credit, Capacity to pay and Collateral. I hope this helps. If you need a recommendation for a good lender, please contact me directly. fina@debteam.com
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