FHA Broker: FHA Financing and How it Works

At the time of this writing, my understanding on FHA financing is it’s not credit score driven, but 550-575 credit score may be a little tough or take a very strong borrower. At 600+ credit score it becomes much easier. Here are some basic guidelines to let you know you have a good shot at getting FHA financing. If you have a 600+ credit score, and you haven’t had a bankruptcy in 24 months. If you haven’t had a foreclosure in 36 months. If you have been doing the same type of work for 24 months or more. This includes if you are self-employed. For example if you are in the health insurance field and have just simply changed companies, you have been doing the same line of work.

Also they would prefer that your house payments and expenses only be 25-33% of your total gross income. Not everyone can do that these days with bills, so sometimes you can go up to 50% plus. Where your Debt to Income is 50%. Meaning monthly bills and obligations 1/2 of what you make. Also referred to as DTI. In this ever changing mortgage market we are seeing lenders programs change often, so please keep researching when the time is right. If you have not got that credit score, or have recently changed jobs, had a bankruptcy, or foreclosure, then we just need to put you on the right path towards credit repair and soon owning a home. That’s easy enough to do. Please contact me ron@minnesotainvestors.com if you would like to work on credit repair, and get started looking into properties.

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