San Diego FHA Loan qualifications are the same nationwide, meaning that no matter where you are in the United States, you will need to meet the same FHA loan requirement criteria.
In order to qualify for a FHA home loan you must have the following:
There are ways of getting around some of these loan requirements. For example, with the income requirement, if you don’t qualify for enough, you can always get a co-signer to help with the income. Same goes for the down payment and reserves. One can get a gift for the down payment and closing costs if necessary with an FHA loan from a family member.
The credit requirement, however is different. If one borrower has low credit scores, finding a co-signer with higher scores will not help. Unfortunately, the scores are based on the lower middle scores of all of the people on the loan. For example, if one buyer has a 560 credit score, but the other one has a 760, combined, they will still not qualify as all borrowers must have scores high enough to qualify for the loan and the lower of the scores is used. Unless you both have qualifying credit scores, popping a co-signor on the loan to help with credit is not going to help.
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