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What are the chances in 2009 on getting a mortgage, after ma

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fozman68 Joined: 14 Nov 2007 Posts: 29 12.29 Dollars($)	Posted: Sat Dec 27, 2008 12:50 pm    Post subject: What are the chances in 2009 on getting a mortgage, after ma Like 0 Dislike 0 Hello, I asked many questions in the beginning of 2008, regarding getting financed for a new mortgage. My situation was this. I was in chapter 13, dismissed that, and sold my home. rented a house from February 2007, had a car loan and 3 credit cards from Nov. 2006, never been late on anythiing. Bad things, house didn't sell till Feb. 2008, and at that time, my mortgage company reported foreclosure started. Car repo Nov. 2006, Car Repo 2003, and way too many inquiries over the last 2 years. Mostly because of trying to get an FHA Loan. My scores dropped because of this, and are sitting between 525 and 575. Do I have any chance in 2009, or should I just continue on renting?
Niicss Joined: 03 Oct 2005 Posts: 4770 Location: New Jersey 499.28 Dollars($)	Posted: Mon Dec 29, 2008 4:13 am    Post subject: Like 0 Dislike 0 Hi fozman The credit score that you have mentioned are low keeping in mind the current market situation. Even if you want to get a FHA loan, you should have a credit score of at least 580. In order to get a loan with such a low credit score you should not have any kind of collections or late payments in your credit report. In my opinion, you should try and improve your credit score first and then try for getting a loan. Check out some of the ways to improve your credit from the given link: http://www.mortgagefit.com/credit-rating/credit-repair.html Thanks. _________________ Good is the Enemy of Great.
fozman68 Joined: 14 Nov 2007 Posts: 29 12.29 Dollars($)	Posted: Wed Jan 07, 2009 8:42 am    Post subject: Like 0 Dislike 0 OK, lets try again, same story, but lets say Credit Score is 610. Any chance? p.s. Actual home sale was Feb. 2007 (not 2008) Thanks, Ken
adonis Joined: 22 Oct 2005 Posts: 10244 Location: ALASKA 1042.83 Dollars($)	Posted: Thu Jan 08, 2009 12:38 am    Post subject: Like 0 Dislike 0 Hi fozman, If you have a credit score of 610, then you can apply for a FHA loan. FHA loans are available at a credit score of 580. But as Niicss has mentioned, if you have late payments or collections in your credit report, you will not get the loan. _________________ Procrastination is the enemy of your financial success
Daniel facey Guest	Posted: Thu Feb 18, 2010 1:37 pm    Post subject: mortgage Like 0 Dislike 0 can I get a FHA mortgage loan with a credit score of 610.
jenkin7 Joined: 04 Jun 2007 Posts: 4537 Location: Hawaii 728.43 Dollars($)	Posted: Fri Feb 26, 2010 12:13 am    Post subject: Like 0 Dislike 0 Hi Daniel, Most of the lenders are offering FHA loans at a minimum credit score of 620. Getting an FHA loan with a credit score of 610 is not impossible, but you need to have a good payment history and there should not be any negative items on your credit report. If you have high debt-to-income ratio or if you have collections or charge-offs on your credit, you will not be able to qualify for the loan.
gmakerley Community Mentor Joined: 09 Nov 2007 Posts: 12346 Location: bloomfield, ct 53.01 Dollars($)	Posted: Fri Feb 26, 2010 11:06 am    Post subject: Like 0 Dislike 0 in addition, if you have collections, judgments, etc. they'd have to be paid in full for you to qualify. with a score below 620, you'll generally pay a little more than someone with that higher score also. _________________ George M. Akerley Independent Contractor - Mortgage Consultant Word of Excellence Editing/Writing/Proofreading 860-221-5044

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