Q&A: Has anyone gotten an FHA mortgage in the past 6 months? How strict are their requirements?

Posted on Sep 1, 2012 in FHA Information

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Question by Polish Meg: Has anyone gotten an FHA mortgage in the past 6 months? How strict are their requirements?
My husband and I are interested in applying for an FHA mortgage soon. We’re worried that we may not qualify because my husband just graduated from college and thus doesn’t have 2 years of full time income history. Otherwise, page our profile looks great.

1. Our credit score is around 720
2. Our outstanding debt consists mainly of low interest student loans and a small car loan we plan to pay off in the next few months.
3. My husband has a secure job as a software engineer and is currently making a base salary of $ 50, thumb 000 per year. His job performance the past 3 months on the job has been, view according to his boss, “exemplary” so he will more than likely get a raise during annual evaluations in February. The demand for software engineers is expected to grow significantly as the baby boomers retire so right now, there nowhere for him to go but up.
4. We’ve decided that our maximum loan amount should be no higher than $ 125,000. Our ideal loan would be around $ 100,000. We plan on staying in the house for 10 to 20 years.
5. We live in Huntsville, Alabama, an area with a strong economy and low housing costs.
6. We have enough in savings to cover a 5% down payment.

The only factors that would exclude us from a traditional mortgage are the lack of employment history and small down payment.

If anyone has gotten a mortgage this way or has working experience with these loans please give me your feedback.

Best answer:

Answer by golferwhoworks
apply now as the years in school will be employment data in theapplication and that was at least 4 years
I am a mortgage banker in TN & KY

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5avg.rating 25 votes.

2 Comments

  1. I just bought our first home with an FHA loan. Almost the same credit score actually. And I make $ 50K a year too.
    My hubby had poor credit so I just qualified on my own. I was only required to put down 3%, so with 5 you’re ahead of many first time buyers!
    You sound like great candidates for a loan. Best bet is to go talk to a broker or your bank and see what you can pre-qualify for. Good luck!

  2. Oh, I’m sure you guys will qualify. I live in Huntsville too and my fiance and I have gotten pre approved for an FHA loan not too long ago. I make more than my fiance (around what your husband makes), and will be the primary one on the mortgage but at the time I only had about a year of full time income (first job after graduating from college). I don’t know where you plan to go, we went to Countrywide and are planning to go to Redstone Federal CU too, but the agent at Countrywide counted my years in school as part of my current job since my degree is relevant to my job. My credit score is in the high 700’s but my fiance has no credit, so we have to go FHA since we will both be on the loan. I’m sure you guys are fine. Go ahead and talk to a mortgage broker, now’s the time to buy!