How do we go about getting a FHA loan?

Me and my sister is looking to buy a house together. We both have bad credit due to the past but enough money for a mortgage. Estimating $75,000/yearly. Right now, were clue less as to which direction to turn. Do we try and get approved for a loan first, then find a house? A little help please! Also, what are the qualifications for a FHA loan? With our bad credit history, what are the chances of getting approved?How do we go about getting a FHA loan?
You should first get pre-approved first so that way you know how much house you can afford then you can start looking. To get approved for a FHA loan you need a min score of 580 and 3.5% down payment. You should get approved.How do we go about getting a FHA loan?
If your credit is bad, you are not yet ready to own your own home. Buying a house with your sister is also a bad idea. What will happen when one of you loses her job, or decides to get married, or move? The other person is completely responsible for the rest of the loan for 30 years. If you are ';clueless'; like you say you are, that's a clue for not getting into a situation that you can't get out of later.





Save your extra money and work on your credit, both of you!!!!