pre-approval for FHA?

we are contemplating buying but at this point we dont have enough savings for anything more than 5% down, although we have a decent combined income for monthly payments. so i know we are looking at an FHA loan. do we get pre-approved for that prior to house hunting?
also, while we both have good credit, DH is in the excellent range while im more likely in the very good range. does it make a difference who applies if we are doing it together anyway?
TIA

Re: pre-approval for FHA?

they always take the lowest score when factoring in your rates. yes def. get pre-approved it makes things a little bit easier but you still will have to pull together a massive amount of paperwork when going to closing just helps a tiny bit.

Re: pre-approval for FHA?

when we applied for pre-approval with wells fargo, they ran it through with both our information. that's what will happen if you need both incomes, which you will in order to be pre-approved for the price range of houses you're likely looking for.

either way, good credit is still good for FHA, and they don't give you a rate until you're in contract and ready to lock in for the actual mortgage. at least that's what happened with us.

Re: pre-approval for FHA?

Definitely go for the pre-approval first! You'll want to know how much the bank will loan you before looking at houses. Also, when you do decide to make an offer, it will be looked at more seriously because you've been pre-approved.

DH and I were in a similar situation, my credit was excellent and his was bad. I didn't even think we'd get the pre-approval and we did.

We worked with a great mortgage guy who was very knowledgeable on FHA loans. If you'd like his name and #, let me know.