Posted on: 14th Apr, 2010 07:16 pm
My husband has a fico score of 588. Are there any lenders who will qualify him for FHA or USDA loan of $250,000. He makes $50,000 a year, and he has been in the same profession for 16 years. Also, would having a judgement removed from his credit report increase his score at all.
Your husband will require a credit score of 620 in order to get a FHA or a USDA loan. Though he has a good income and stability of job, the lender will require him to fulfill the criteria of credit scores as well. If a judgment gets removed from his credit report, it will definitely have a positive affect on his credit report and increase his scores.
Thanks for the info.
There are a handful of lenders whom will underwrite FHA loans down to a 580 credit score. In order to get approved, you must show compensating factors (utility bills, 24mth rental history, etc.) making up for lack of credit worthiness. Please specify your location and someone within the community may be able to better assist you. I hope this helps...
Any Reps in Georgia