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Betty Kerrigan
2 months ago
My son in law wants to purchase 10 acres of land, which includes a 3 bedroom\2 bath mobile home. He has been at his job for 12 years, but has no credit. He'd like to put 10% down. He's 57 years old and would be a first time home buyer. Would he qualify for a FHA mortgage?
 
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Best Expert Answer
Joe Wallace... Answered 323 more questions
2 months ago
FHA loan rules state that borrowers with FICO scores below 580 are required to put 10% down. However, lender standards are often higher, usually in the mid 600 range. FICO scores won't be the only factor for loan approval-credit/payment activity will also be reviewed and no borrower should come to the FHA loan process with fewer than 12 months of on-time payments on all financial obligations. That would include utility bills, rent, etc. The no credit issue may be a problem depending on the lender.
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Matthew Hall... Asked 1 more question
a year ago
I am looking at purchasing a new house, this would be new construction in a planned community. I currently have an FHA loan on my current house. I have enough equity in my current home along with assets to have a 20% down payment on the next home. Is it possible to start the house and mortgage before selling my current home?
I am looking at purchasing a new house, this would be new construction in a planned community. I currently have an FHA loan on my current house. I have enough equity in my current home along with assets to have a 20% down payment on the next home. Is... (more)
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A Curious User
2 years ago
My spouse and my credit scores have a high and low range for each of us. I just want to find out what mortgage companies will use.
My spouse and my credit scores have a high and low range for each of us. I just want to find out what mortgage companies will use.
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A Curious User
2 years ago
I sent over a copy of the transaction as I don't get paper statements mailed to me. Will a copy of the transaction suffice? I'm not comfortable sending over my bank statements. It wasn't necessary for another child's loan.
I sent over a copy of the transaction as I don't get paper statements mailed to me. Will a copy of the transaction suffice? I'm not comfortable sending over my bank statements. It wasn't necessary for another child's loan.
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Ryan Teodoro... Asked 1 more question
2 years ago
I was wondering if a score of 800 was good enough to secure a loan, and if so, what kind of APR can I expect?
I was wondering if a score of 800 was good enough to secure a loan, and if so, what kind of APR can I expect?
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A Curious User
25 days ago
Can the appraisal fee for my FHA purchase count towards part of the 3.5% required down payment?
Can the appraisal fee for my FHA purchase count towards part of the 3.5% required down payment?
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