Skip to content
×
Pro Members Get
Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
ANNUAL Save 16%
$32.50 /mo
$390 billed annualy
MONTHLY
$39 /mo
billed monthly
7 day free trial. Cancel anytime
Private Lending & Conventional Mortgage Advice
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated almost 8 years ago on . Most recent reply

User Stats

24
Posts
5
Votes
Barry L Hohstadt
  • Kailua Kona, HI
5
Votes |
24
Posts

FHA Loan for First Investment

Barry L Hohstadt
  • Kailua Kona, HI
Posted

Hi Loan experts, newbie with a question about obtaining an FHA, which may be my first strategy for investing. Here is my situation:

I currently own no real estate. I have enough money to put down on a moderately priced property, say up to $200,000. The only debt I have  a pretty high car loan. I just lost my job but had it for 14 years. I have been in my current rental for six years. In January I was released from CH 13 (Which was due to a divorce in order to pay alimony). My current FICO is 604.

We are planning to move to a different state soon. When we get there I would like to buy a property to live in, to start. I may or may not be employed at the time. What would be my chances of obtaining a FHA? I do know that 580 is the FICO requirement for 3.5% but I am sure there are other factors. Any advice on improving FICO or anything else I should be doing? Our move is about six months out.

One last question, can an FHA be used to buy a condo?

Thanks!

Loading replies...