Buying A Home
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FHA qualifications

Anyone know...?

If one of the two parties applying for an FHA loan doesn't have the greatest credit, would we still be eligible? The other party has excellent credit.

Baby Birthday Ticker Ticker

Re: FHA qualifications

  • I believe the FICO must be at least 620 (maybe 640).  That is lower than most conventional loans will allow.  If it is below 620, I believe you can still get a lown but you will need to put down more money.

  • Thank you! We should hopefully find out more tomorrow...hoping for good news!

    Baby Birthday Ticker Ticker
  • Option: You could get loan for the one with better credit, the spouse will just be listed on deed. 
  • My Husband has awesome credit and mine sucks.  We just decided that until my credit was cleared up, we needed to live in a home that we could afford on just his salary and credit.  Sure the house we're buying is not what I originally envisioned, but I do love it.  And it will allow us the extra money each month to really address my credit issues, which is all old old medical bills I still have from when I had cancer in college.  Never the less, it is money I owe and it needs to be paid. 
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