first time buyer

[czavala@lacdmh.org]

Hi my name is Cherese; mu husband and i are trying tp purchase our first home and we have been pre approved at one time for a FHA loan. i am ineed of a couple of questions to be anserwed as soon as possible. What is the lowest credit score excepted for the FHA loan? My husband and i have only 3,000.00 saved in bank, and our checkings is at a possitive balance for more than 6 to nine months. My husband had some issues with credit yet most all of that has been taken care of deleted, or noted paid as agreed. Yet still we are having an impossible time trying to buy a home. We are not sure our lendor is currently that concernd with helping us so we are trying to help ourselves. Our salary yearly is estimated to be $80 to 85,000.0000 a year. Between both of us. however my husbands credit is stronger, and reads a higher score than mine. please help us, our lendor has urged us to only use Tobby my husbands credit since his is better than mine so we are doing so. Yet we still do not have our home yet, and we have been trying for 1 year now, this is taking way too long i think that something is real wrong here. Please please please help us if possible. thank you what can we do.........

[dsemler]

Most FHA Lenders right now are requiring a 640 credit score though there are some that will go lower.

You did not mention the price of the house you are looking to purchase. This will be a issue if you are only using your husbands score. If you are only using his score then you can only use his income which will affect the price of the house.

If you can improve you scores you will have a better chance getting approved. Also, remember that you need 3.5% as a downpayment for the home.

You might take a look at here on talking to someone who can help you fix your credit. They have done some good work for people in the past.
ttp://www.mycreditsbad.com/fixing-your-credit/legally-remove-bad-credit.html.

As always do you homework and ask questions.

As for you lender -- if you are not getting the service you need then find another one. Be sure you are armed with a copy of your credit report so they don;t keep pulling it.
We recomend the credit reports on our FHA Credit Guidelines page http://www.fhainfo.com/creditguidelines.htm as they are most similar to the reports lenders use.

[Tristan]

Please be patient and know that it takes time to build a strong credit score. Do what you can to fix it; sometimes a few simple adjustments can raise your score several points. Good luck.