FHA Loans

hello
so dh and i would like to start looking into buying a house
the house must be put under my name, there are reasons to annoying to go into why it can't be under dh's name
however i filed bankruptcy 7 years ago

so in searching it seems maybe i could get an fha loan, i have not yet gone to speak to anyone about this yet figured i'd ask here first

so does anyone know about this type of loan, pros and cons,
oh and my credit score is averaged to 700
thanks for any info anyone can give me

Re: FHA Loans

im bumping my own post, i guess no one can help me out with this

Re: FHA Loans

DH and i did an FHA loan putting 4%down payment....no problems but we have great credit...

my best advice is to meet with a good mortgage broker, someone who can evaluate your situation and help you get a house you can afford...

FM me if you would like my guy

Re: FHA Loans

go to a bank that does mortgages and find out for sure before you start looking at get pre-qualified. They are very picky lately with loans and we barely got one with my credit being excellent and dh's credit is fair.

Re: FHA Loans

definitely see if you prequalify before looking at houses.

DH has "okay" credit and i have good to very good credit. we got an FHA loan (3.5%down) and although we will get approved we still got "reprimanded" for having so much CC debt. i have no idea what happens in the case of previous bankruptcy.

Re: FHA Loans

thanks i plan on speaking to someone before looking just wanted to see if i could get any insight here first

Re: FHA Loans

an FHA Loan is going to be the best option for you

the only con I can see- you might get a higher rate then the what someone with out a bankruptcy would get

Re: FHA Loans

also- since it's only going to be in your name

only your income is going to be considered

if you have any other debt in your name- that will be taken into cosideration as well

getting a loan for a house on LI in 1 name only these days is a challenge in itself

it's going to depend on your income and if that would be enough to cover the mortgage and all other debts

Re: FHA Loans

thanks beth, we would actually be looking in queens, the only other debt i have is a student loan which is not that much, its probably not going to happen but i'd like to at least try

Re: FHA Loans

keep us posted on how it goes. i am interested too as i am going to be working with someone to better my credit score as well...