Credit Advice

Have a question? Have advice to share? The combined knowledge and experience of everyone in the Credit Karma community can help you. Enter your question or help others below to get started!

Question

Posted in Mortgage
Profile Image

Question By
Katerz85

0 Contributions
0 People Helped
How long should you have established credit before applying for FHA loan?
My husband and I would like to buy our first home, as we finally have saved up about 10k to use as a down payment. Would like to buy a house around 80-90k. I've had credit for about 8 years, the score is around 650. My husband has only had credit for the last 6 months, 2 lines of credit, 15% credit usage and his score is around same as mine. However, I am disabled and receiving disability so I am not able to work but still have income from the disability. My husband works full time and makes about 20k a year. Since this is our first home, I am not sure if we would be able to get the FHA loan since he has only had credit for 6 months. Do they normally not loan until X amount of months/years of established credit? Anyone have any knowledge on how this works? I've tried researching but I'm getting no where, any info would be great! Thanks!

Your Credit Scores Should Be Free. And Now They Are.

View your scores and reports anytime.

SIGN UP NOW
All Responses

Result 1-1 of 1Results per page: 5 | 10 | 25Page 1 of 1   Previous | Next
Top Contributor
63 Contributions
61 People Helped

Katerz85, each lender will be different on this issue. I work with some lenders that want a borrower to have 3 accounts open and active for at least 12 months, others don't care.  Since you are receiving disability income, assuming that it will continue for 3 years, then the easiest thing would be for both of you to go on the loan.  Most lenders should not have an issue with credit depth with both of you on there.  Hope that helps.  If you are in Ohio, I'd be more than happy to assist.  You can click on my username to get my contact info.  Good  luck, and congrats on making the decision to be a homeowner.

Result 1-1 of 1Results per page: 5 | 10 | 25Page 1 of 1   Previous | Next

Your Credit Scores Should Be Free. And Now They Are.

View your scores and reports anytime.

SIGN UP NOW

Reply to this Question

Write your response:
Enter Your Comments

The Credit Advice pages of the Site may contain messages submitted by users over whom Credit Karma has no control. Credit Karma cannot guarantee the accuracy, integrity or quality of any such messages. Some users may post messages that are misleading, untrue or offensive. You must bear all risk associated with your use of the Credit Advice pages and should not rely on messages in making (or refraining from making) any specific financial or other decisions.