Comments on: Qualifying for an FHA Home Loan

By: Mark Nelson

Mark Nelson — Thu, 14 Aug 2008 12:53:46 +0000

My first home loan was through FHA. I was 23 and didn’t have any credit history. Took a long time to put the paperwork together but it was a great way to get started.

By: TONY

TONY — Thu, 14 Aug 2008 00:03:36 +0000

I don’t know if it is company specific, but a mortgage company informed me yesterday that FHA now had a minimum credit score requirement. I believe it was either 530 or 560 (not positive.)

By: Jesse

Jesse — Wed, 13 Aug 2008 18:57:40 +0000

When we purchased our home, it was owned by the bank, but required a couple of small repairs. The bank wouldn’t do the work, but we couldn’t get financing without the work being done. So, we actually went into the house and did the work prior to owning the home. We didn’t feel real great about that arrangement, but the work was rather minimal. That was just to get a conventional loan approved. There were a couple of additional items that would have had to be fixed pre-closing if we were going the FHA route.

By: Matthew

Matthew — Wed, 13 Aug 2008 18:40:16 +0000

I am closing on a home tommorow with an FHA loan. The inspector wasnt too harsh and only required a few minor repairs that I had already worked out with the seller. The great thing was I got all of my closing paid for and I got a great rate despite being out of college one year and having very little credit history.

By: jim of Blueprint for Financial Prosperity

jim of Blueprint for Financial Prosperity — Wed, 13 Aug 2008 14:26:08 +0000

It’s going to be a pain in the ass to keep track of all those sales… guess that IRS code manual gets bigger and bigger and bigger.

By: nickel

nickel — Wed, 13 Aug 2008 14:22:59 +0000

Jesse: That’s a good point, though the standards have actually decreased in recent years. Apparently sellers used to be willing to accept a lower price if a buyer was willing to get a conventional loan instead of going the FHA route, since the latter had such strict standards concerning the condition of the house.

By: Jesse

Jesse — Wed, 13 Aug 2008 14:09:26 +0000

In addition to the buyer having to qualify, we were told that the house you intend to buy must also meet certain qualifications in order to use a FHA loan. My wife and I bought our first home six months ago. The house needed a fair amount of work and because of that, didn’t qualify for FHA financing. We ended up going with a conventional loan and actually got a better rate.