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I wanna buy my first home. I’m a 20 year old male. I make 20K a year and am aiming for a home in the 50K price range. Housing is really cheap in my area. My credit score is pretty good. 2 of the 3 were in the low 700s and the other one was mid 600s. I do have a cable bill that went to collections recently on my credit report. Which is what I think hurt me. I talked to a lender yesterday. She was really helpful in trying to get me approved but just couldn’t she plugged in many options for a loan, even going as low as a 35k loan and all were denied. She told me to try an FHA loan somewhere because that bank didn’t do FHA. What are my chances for getting an FHA loan when I couldn’t get a regular home loan? I have 7,000 for a down payment. I don’t have a very long credit history. If I can’t get a loan now I’m just gonna rent a place with my friend.

2 Thoughts on What are my chances for an FHA loan?
  1. Reply
    Glenn S
    August 11, 2011 at 6:04 am

    For a FHA loan, your chances are good. I would pay off the cable collection. That will have to paid prior to getting a loan.

    I’d go on line and check out Ditek and Quicken Loans. They are both major FHA direct lenders and will take your application over the phone and can give you a pre-approval within an hour or two.

    If that doesn’t work out try a good mortgage broker that specializes in making the tough (marginal) FHA loans. They know some tricks that can help you get a loan, but their fee’s are understandably higher because they have to do more work to get your loan through.

  2. Reply
    Janice 10
    August 11, 2011 at 7:04 am

    FHA loans are easier to be approved for so do try for a FHa loan, but first pay off the entire cable bill before even trying to get the FHA loan. Try lending Tree, Quicken and do a search online for FHA Home loans. Enjoy you new house.

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