questions about FHA loans

[luckstyl]

FIrst question - how much does rental history factor in?

Early 2014 I will be two years post-discharge and hope to be able to put 15-20% down on a home.

I don't have any "real" rental history. With my recent credit issues I haven't been able to rent officially, so I lived with friends/roommates whose names were on the lease and I just paid my friends for my portion of the rent. I'm hoping to be able to sign a lease in the next couple months, so by 2014 I would only have one year of rental history.

I'm thinking my FICO will be 650ish by the time I apply for the loan.

I'm just wondering how much the lack of rental history will hurt me?

Second, is it difficult to get FHA loans on condos?

There's a condo building nearby that was completed when the economy was at absolute rock bottom. There are tons of units there open, and they are NICE. That's where I would like to end up being, but I've heard it can be difficult to secure financing for condos.

[downwardspiral]

We just closed and they didn't look at our rental history at all. Credit will be the biggest factor. DId you foreclose on a property when you filed for BK?
They'll want credit to be in the high 600s. Do you have any credit cards? A car loan? Those things will help bring up your credit score.

I don't know if it's difficult to get a FHA loan for a condo.