Charlotte Sometimes (2002)

fha non traditional credit history qualifications ( kinda long)?

I would like to know if anyone know how many forms of non traditional credit do you need for a fha loan? Also, how long do they have to be in good standing? We will have paid off all of our collections by Feb. 08 and next month(Jan 08) all of our utilities will be paid current and our rent has been on time for past year, sometimes paid a month in advance. BTW our utilities are electric and cable. We also have a daycare fee which has been on time for the past three years. We are relocating to Charlotte and would like to buy a home or condo. Our lease($599) ends 4-30-08 and will then go to a month to month lease($674).We would like to move by August 2008.Our total income is $30,000 and I will have two years @ current job May 08; DH has been getting SS since 2002 (waiting for a kidney and pancreas transplant). Do we even qualify for an FHA loan?

It sounds like you are in pretty good shape to get a FHA loan. You should be fine with the non-traditional credit, but you might want to get one credit card and pay on time between now and when you’re ready to buy.
I’m a retired mortgage broker and you’re the type of folks that I bent over backwards to help get into their own home.
Try to buy something where your payment will be about what you’re paying in rent. If you plan to stay in the home quite a while there are some good low income loans with great interest rates available to first time home buyer. Good luck I hope it works out for you.
Don

The Cure – Charlotte Sometimes