Chances of getting FHA LOAN with 640 credit score?

Chances of getting FHA LOAN with 640 credit score?Chances of getting FHA LOAN with 640 credit score?
MagTarma asked 4 years ago

whats the chances of a 23/24 year old getting a FHA loan?

 

 

My brother who’s 23 years old is trying to get an FHA LOAN for a home in Nashville for our parents in the next 6 months. 

 

 

My brother credit situation is a lot better than mine… here’s his qualifications:

 

 

Credit History and SCORE:

 

Credit Card #1: $ 300 limit. Age: 14months. No lates, and balance is 10% percent utilization. 

 

Credit Card #2:  $ 500 limit. Age: 4 months. No lates, and balance is 15% utilization

 

Credit Card #3: $ 250 limit Age 6 months. No lates, and balance is 0% = he said he’s going to buy some food tonight with it, just to show some activity. 

 

Score just reached a 640

 

BADDIES:

 

3 Medical bills from years 2011-2013 they are all under $ 500.00 and one is marked paid. 

 

1 Judgement from an apartment in which the lease was broken due to a roommate situation. However, it is now marked paid and full and has been for 1 year. 

 

 

INCOME/EMPLOYMENT:

 

Been at his current job for about 8 months, makes about $ 1400 a month before taxes. 

He’s just been hired at his second job in which his monthly income with this job will be around $ 1500 before taxes. This job is a contract sort of job, he will work 4 months out of the year. 

 

His monthly income will be around $ 2,900.00 

He also does freelance work on the side. But that won’t count.

What is his chances? Anyone ever experience getting a fha loan at a young age?

 

The townhome we’re looking at is $ 85,000. 4 bedrooms, 2.5 baths

 

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