If I have bad credit and I want a hud loan for an owner occupied loan what are the qualifications. My husband and I were self employed and have bad credit but secure jobs now and want to get a hud loan. Our credit is about 670 I beleive. Thanks for any help
How long have you had your current jobs, same type of work?
OK
First how long have you been on your current job. Is it in the same general field as when you were self employeed. How long were you self employeed? Did you make any money? Did you file a tax returns showing a profitable business? Your credit score is not the issue. FHA is flexable when it comes to credit. Job and income stability is the issue.
To over come lack of work or job stability you can do several things.
Make a Higher than the miminum required FHA DOWN PAYMENT.
Have cash resereve in the Bank above and beyond the down payment and closing costs requirements to close the purchase. Add a co-borrower to the loan application who has greater credit, work or income stability than you. Co-borrower will also be co-owner of the property purchased per FHA requitements. Co-borrower can Quit Claim off the title after the purchase is closed. Good Luck Steven in Las Vegas Nevada