To be required for an FHA home loan??????

In applying for any mortgage loan, the borrower is considered the person with the highest income. The credit score of this individual would be used, to determine the interest rate of the mortgage loan.

All other borrowers are considered co-borrowers if they are employed, their income could be used however, their credit scores would not be used. If the co-borrower's have no income they could still be listed on the mortgage loan application.

In apply for a FHA mortgage loan, you could have a credit score as ow as 480. This is called a bad credit mortgage loan. With a low credit score, you would be required to have a down payment of 10% as oppose to the normal 3.5%

You should contact a local mortgage lender that is authorized to do government mortgage loans.You would need to make an application for a FHA mortgage loan, through a mortgage loan officer.

You need to stop reading and speak to a mortgage loan officer to make s determination as to if you are qualified to be approved for a mortgage loan, the amount you would be approved for, the down payment, your interest rate and monthly mortgage payment.

To make an application and find out this information would cost you nothing, except a little time and effort.

Once you have made your application, you and your mortgage loan officer could sit down and talk about your options of both of you being on the mortgage loan application or one of you being on the mortgage loan application.

Once you have decided the best mortgage option for the two of you, you would complete the mortgage loan application and purchase our house, based on the loan amount you are approved for.

Each mortgage lender originator, has the same mortgage guidelines provided by the agency that would fund your mortgage loan as to the requirements needed to approve your mortgage loan application. There is not one set of guidelines for each mortgage originator.

I hope this has been of some benefit to you, good luck.

"FIGHT ON"

You cannot have poor credit, You must have good credit. The FHA credit standards may be lower than they are for a conventional mortgage, but your credit must still be good. And it's not FHA that makes the loan. FHA insures it. It's still the lender that gives you the loan and decides if you get one or not.

For FHA, you need a FICO score of no less than 580 to have a down payment of 3.5%. Below 580 and 10% down is required, but most lenders will not go much below that. No lender must take you at 580, though. Some will stick to the former minimum of 620.

And that applies to all parties applying for the loan. If you don't have income, your score is meaningless, meaning your husband COULD be approved only on his work and earnings history, but not with poor credit. Your good credit is useless for this purpose.

You mean to qualify for an FHA loan.
They will look at both your incomes and both your credit scores. They won't average them out or only use the best one, no.
I hope you have at least 20% to put down...

Sorry, but you need at least a 640 credit score AND the income to support the loan. Without BOTH, you can't get a loan.

Since you have no income, the loan can only be obtained using your husbands income AND!!!! credit score. You can't cherry pick the best from each borrower.

Talk with a lender.

They won't go by your credit since you have no income. Depends on just how 'poor' his credit is. Talk to a lender, they can evaluate your situation. They'll look at why if he has good income his credit is so bad. If you do get approved, you'd likely need a higher down payment.

FHA loans are going to be most concerned about your husband's income, job history, any existing debt, and bankruptcies that both of you have. With no income your credit score won't matter as much. They will be concerned about whatever situation caused your husband's credit score to be so low and how that effects his future ability to pay a mortgage. Regardless all you can do is apply and they will tell you in detail what they can do or what you need to be doing to improve your situation.

The best option is to not stress out about the details. Ask friends & family for references for a good mortgage broker, find one that you like, and set an appointment to sit down and go over your loan options based on your specific situation.

A good broker (not a bank) will shop a variety of loan options including FHA, conventional loans through multiple lenders, and any other available programs to find the best loan for your situation.

Generally, you cannot use one person's income and another person's credit to qualify for a loan. So since your husband has the only income it will be his credit that is considered. You effectively add nothing to the qualification process. You could be added as a coborrower on the loan if you wish but it won't help you guys qualify. Or you could do like my wife & I did - put both names on the deed as owners but only my name on the mortgage.

You need 640 credit minimum. You go by both things of both of you if you are both on the loan. Can't cherry pick only the good stuff.

they would look at BOTH of you as individuals and as a couple, best wishes for getting approved for a loan

Wrong wrong wrong! All borrowers must have "decent credit" not perfect, but not poor. FHA doesn't care what your score is, but FHA doesn't lend money, they just insure the loan. So most lenders want at least a 620 score. All borrowers must also have income & not have a high debt to income ratio. Finally the house has to be 'marketable" when the appraisal is done and you will need 3.5% down payment. From what you said you won't qualify since we can't use one persons credit & anothers income. You don't have the income & he has poor credit so neither of you will qualify.

No. They would go by both of your credit scores and combined income.