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Question by : FHA Mortgage qualification 2012 Georgia?
I am a first time home buyer in Georgia. I have 3 years of rental history and after my third year I lost my job. I went to my leasing office and came up with an agreement with them. They agreed but 2 weeks later renegedd. I moved out of the complex and lived with my fiance for 2 years. I am now trying to purchase a home and I have the credit score and the down payment. I am within my qualification range as far as ‘how much’ I can afford, erectile however the loan officer I spoke with is telling me I need 6 months of reserve and a down payment and that I need to have saved this reserve over a period of at least a year. My fiance and I were just looking at home 3 months ago with a different loan officer and his score is lower than mines and he never even rented (518) he had a cosigner whose credit score is also lower than mine (525) mines is a 579 and the two of them purchased a home for 134,000 with 3000 down Im putting $ 7000 down on a 67000 house. Am I being given the run around or is this some new thing, because I just went through the loan process four months ago and this was not the procedure.
Best answer:
Answer by linkus86
I think the only person giving you the run around is your fiance who told you his co-signor’s credit score was below yours. To get an FHA loan you need a min score of 620, have no late payments in the past 12 months, pay off anything in collections that is more than $ 100 (w/ a couple of exceptions) including any judgments you may have against you from former landlords, have 6 months payment in reserves (does not need to be saved over a year) and be able to afford a 3.5% down payment You can negotiate the seller to pay the closing costs. Unless you can get a co-signor or clean up your credit and have the income to afford the loan on your own, you are out of luck. You debt ratio will determine the size of loan you will qualify to borrow. Good Luck
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FHA purchases with credit scores between 500 and 579 require 10% down.
See 4155.1 4.A.1.c of FHA Guidelines (Google it)
Most lenders add what are called overlays to FHA guidelines so in order to obtain one of these, they add extra requirements. Having 6 months reserves is a standard overlay to this program as is a 12 month rental history. common other requirements for this credit score range are required HUD approved homebuyer education classes and lower debt ratio limits.