FHA and Convential loans

[Bluemoon420]

I didn't read the whole thread and I apologize if I missed anything. We did an FHA loan in 08. It was about the time the crap hit the fan with the housing market, and the available loans shrunk almost over night. We had a choice between countrywide and FHA. Our guy did the mock up of both and it turned out the FHA was a better loan. We had to fill out a little more paperwork, and had to have a few other things done ( like inspections, and such ) that you may not have to do with another type of loan. Everything went smoothly for the most part, and we are glad we went FHA and not countrywide in the end. So, it's worth checking out, and in some cases it may be better option in the end.

Bluemoon

 

[EweSheep]

My bank denied me due to my bankruptcy six years ago. They told me to come back next year and re apply for the preapproval. Oh yes, things have changed. I used to have a job and now on SSD and hubby got his hours cut so they denied him a home loan because he is not making much. So I got the bigger paycheck than he does. That is for convential loans. Our bank does not do FHA loans.

I think the FHA loans will look at my bankruptcy as well and I can not get anything until next year. My score is 680. I have NO outstanding credit cards debt, had none since bankruptcy and do not want any either. The only card we have is the Sears card for appliance emergencies. Right now I need a new washer and dryer so Sears credit card will be used once more until next year when we get our income tax. We always get big purchases around income tax refund times. Other than that, we go without.

My house needs alot of work and I do not think it would be FHA approved. If I know I can not get a home loan this year, at least we can start working on the minor things as money comes in and work on that. For the basement, and retucking the bricks would be the most expensive jobs and it would be the last one on the list once all the minor things are done in the house. And we can save a little money for downpayment as well when we do have extras and no emergencies. We have NO savings at all, everything was dependable on my SSD and hubby's odd hours from his employment at the newspaper company and any odd jobs he can get.