Okay, so my wife and I want to buy a house sometime next year. Basically, our credit isn't that great, or good for that matter....okay, it's bad (note to self...30 day lates are BAD). Some of our friends have been talking up FHA loans for first time homebuyers.
My questions are..
1. Does an FHA loan require a minimum FICO?
2. I figured out one time our monthly long term debt obligations (minimum payments of CC and car note) were only ~9% of our gross pay. This has to help us, right?
And I know we'd need to have 3% of the total cost of the home saved up for a down payment, which shouldn't be a problem when we go to buy.
So, is an FHA loan a decent loan for first time homebuyers w/ bad credit, but with high income, and moderate debt to income ratio?
My questions are..
1. Does an FHA loan require a minimum FICO?
2. I figured out one time our monthly long term debt obligations (minimum payments of CC and car note) were only ~9% of our gross pay. This has to help us, right?
And I know we'd need to have 3% of the total cost of the home saved up for a down payment, which shouldn't be a problem when we go to buy.
So, is an FHA loan a decent loan for first time homebuyers w/ bad credit, but with high income, and moderate debt to income ratio?
