What are the chances we would qualify for a FHA Loan?
My husband and I are trying to clean up our credit as it is not very good. I have been browsing houses online and found one that I have absolutely fell in love with from what I have seen. It is listed for 69,000 we do not have good credit, when I pulled a credit report on us I got a score of like 592 for each of us. When I spoke with a Mortgage company he told me we did not have credit, after he pulled a credit report on us. We do not have any credit cards, just a dept. of ed loan from my husband back in 1998 and then some med bills and a few other things. No car payments as we own our car. We have less than a combined total of 5000 in debt.We are meeting with a real estate agent Weds night who said he may be able to help us find programs either for our debt or to help us get a house, I do not remember which he said. I have read a little bit about the FHA Loans and am not sure about them. My husband does not make much money he makes 400 a week before taxes.So approx 19,200 a year I know it’s not much. I do not work as we have 2 children ages 2 and 5 months. I have been trying to sell avon but it isn’t working so far. Can anyone give me any info on the FHA loan or what the chances of us getting one are? I have applied for a secured credit card through our bank and we were both denied.