Interested in an FHA home loan, do I qualify with a credit score of 747?

yes you should, and under 4% based on a 30yr fixed FHA program.... depending on your down payment FHA requires 3.5% can be a gift from family member (can be godparents etc) but if you have your own funds of 5% or greater a conforming loan might be better for you.... call me to discuss it further 913-928-6187 thanks John

You should have no problem qualifying for a FHA loan at an interest rate of 3.75% to 4.25% depending upon the lender that does your loan, based upon the info you have given. At 3.75%, your monthly payment including property taxes, homeowner's insurance, and mortgage insurance should be in the $1,525 to $1,600 range. The reason for this spread is primarily because the way property taxes are determined can vary significantly from state to state. At an income of $4.5K/mo., a lender will allow you monthly housing and revolving/installment debt of approximately $2,000. It could be more considering your FICO score and employment history. If your car payment is all the debt you have, that is, what is showing on your credit report, you should easily qualify for this loan.

You would probably qualify. Depending on the amount you have to put down, your could go either conventional or FHA. If your are a Veteran, you could also go VA. Rates are in the high 3's right now.The best advice is to meet with a local Mortgage Banker/Broker rather than one of the big banks. Employees of the big banks are not required to be trained or licensed, and many of them tend to be order takers. To become a Mortgage Banker or Broker, you must be licensed which requires extensive schooling and testing. A Licensed Originator will walk you through the options and give you guidance so you can make the right decision.

As long as your FICO score is in line with how well you are managing your other finances, you should be good to go. In addition to what John said,the down payment for an FHA mortgage can be 100% gift funds. This is one of the key benefits to the FHA program. Verification of the source of gift money is not required. However, it is necessary that the gift funds be deposited in the borrower's bank or savings account, or in an escrow account, prior to underwriting approval. Proof of deposit is required. Gift donors are restricted primarily to a relative of the borrower. They can also be certain organizations, such as a labor union or charitable organization. Contact American Finance Group for complete information at (919) 633-7505.Thanks, Don

All responses below are correct. Shop around for an experienced mortgage originator at a director lender. Feel free to call 1-855-FHA-WVIRGINIA for a free mortgage quote. (855-342-9847)