Do you think I’ll get approved for a FHA mortgage loan?
My husband and I are wanting to buy our first house. We have been married for 4 years and have 2 kids and we have rented the whole time we’ve been together .. considering we are still both young, we’ve never bought before. I sort of have bad credit but my husband has “okay” credit .. not good but he really only has maybe 2 small things against him that I don’t even think show up. However, I don’t even think that will matter?? not sure though .. Anyways, we are wanting to look into getting an FHA loan to buy a house .. There is a house in our hometown that has been foreclosed that is really cheap ($ 39,000) .. The thing is, my husband only brings home about $ 1500 a month gross pay .. however, I just started working every other weekend so add maybe $ 200 extra a month to that .. maybe $ 300 if I get lucky! lol … We don’t have any personal loans we have to pay or any other bills really besides normal living expenses such as gas, water, and electric… I am not 100% sure if we want to even move in that house as we haven’t been in it for a few years so we dont know what kind of shape its in inside now.. But being that we are low income, is it possible to get a loan through a mortgage company still or we will more than likely get turned down? .. I am sick and tired of renting .. and I am currently taking college courses.. and I’ll do whatever it takes in order to bring in more money to help boost our income just to meet the requirements to get a loan.. I want a home to call ours to do whatever we want with!!!