FHA Loan for First Investment
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!