Requirements for FHA Home Loan

[millionariess2]

Can someone tell me what the requirements are to obtain an FHA home loan, for example credit score, etc? I am looking at a home that is around $$115,000 in Harris County, Houston, Texas. Any downpayment programs/first time homebuyers assistance in this county?

[georgeb]

FHA in general doesn't have credit score requirements however most banks and other investors do. Right now you can get in without many problems with a 620 with most banks. Some have raised the requirements to 640. It is really gonna depend on your DTI and how the measures up with FHA guidelines. I do know some places will go as low as a 600 mid score but your DTI needs to be well below the ratios that FHA requires. If you can get below 43% you should be ok anything over you willl need a 620 the higher your ratios the higher your credit score needs to be. Someone that has more knowledge may chime in and give you better advice but this is what I know from my own experience

[millionariess2]

Great! The info you gave was very informative.

[millionariess2]

oh..forgot.....is there an income requirement or limit on the price of home for an FHA? As you can tell, this will be a new experience for me.

[georgeb]

It goes off your income and monthly debt. Thats how they come up with your ratios to determine what you qualify for. Here is a link that will give you an idea what you will qualify for... http://www.credit.com/calculators/dti/

[millionariess2]

much thanks!!!!

[Crissyanj]

With FHA loans there are credit guidelines to meet...The lowest I've seen is 600 at Wells Fargo(I'm a personal banker). Just last week, they were at the GRB and was giving up to 15k for down payment assistance. I've googled some down payment assistance programs for Harris county, some are income restricted and some you have to take classes for, but they are available. Start your search here: http://www.csd.hctx.net/ps_downpaymentassistanceprogram.aspx

[millionariess2]

With FHA loans there are credit guidelines to meet...The lowest I've seen is 600 at Wells Fargo(I'm a personal banker). Just last week, they were at the GRB and was giving up to 15k for down payment assistance. I've googled some down payment assistance programs for Harris county, some are income restricted and some you have to take classes for, but they are available. Start your search here: http://www.csd.hctx.net/ps_downpaymentassistanceprogram.aspx

 

 

wow....even more info. Thanks, personal banker.