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Roadtodebt's avatar

What are the qualifications for an fha loan?

Asked by Roadtodebt (534points) June 6th, 2017 from iPhone

If you credit score is really bad but you repair it to an extent, I mean if I can get it to around 620 can you qualify for an fha loan in GA? I also have 2 old bank accounts that were closed due to overdraft fees that I never paid (also debt) should I pay these? It’s not on my credit score as a debt or collection but I’m not able to open any new bank accounts because of it… I have filed bankruptcy once as well, over 4 years ago. Is there any chance I can ever qualify for an fha loan

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4 Answers

ARE_you_kidding_me's avatar

Why do you want an FHA loan?

Roadtodebt's avatar

Lower down payment, first time buyer ..

Tropical_Willie's avatar

I’m going to yes, because my first house I had a score of 625 and they didn’t flinch! But fix what was broken from other bank accounts (overdrafts) You are going to need a bank account. It may take a time, maybe several months to be able to open new account.

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