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janetlopez1213 · Joined: 14 Feb 2011 Posts: 1 1.35 Dollars($)

So I make about $25k a yr and my credit score is in between 600-620 but I owe about $30k between car and credit cards. Im looking to buy a first home and wondering if I would qualify my husband has a bad credit and filing for bankruptcy so he can not be included, Oh and I have a bankruptcy but its from about 6 yrs. Thanks in advance!

smithsussane · Posted: Mon Feb 14, 2011 8:02 pm Post subject:

Hi janetlopez!

Welcome to forums!

With a credit score of 600-620, you may qualify for a FHA loan. Conventional loans are available at a credit score of 700-720. So, you won't qualify for it. For a FHA loan, you'll have to put a down payment of 3.5% - 5%.

Feel free to ask if you've further queries.

Sussane

jimgilly · Posted: Tue Feb 15, 2011 11:20 am Post subject:

Where are you getting your information that someone needs a credit score of 700 or more to get a conventional loan?

jveenstra · Posted: Tue Feb 15, 2011 3:26 pm Post subject: Qualify

Owing $30,000 between car and credit cards does not tell us how much you pay monthly on the car and monthly on the credit cards.

Just a rough guess, an income of $25,000, you qualify for a mortgage around $20,000. You may not be able to find anyone to do a mortgage under $50,000, usually higher. You could inquire. You will be much better off inquiring with a credit score of 620 or higher, preferably 640 or higher. FHA mortgages exist with credit scores below 620, but, not too readily available.

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