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Can I qualify for FHA loan with a 542 credit score?

Hi, I have a 542 credit score due to issues with student loans. I have been able to consolidate all and have been current for a year. This is the only account on my credit report but I do have about 4 non traditional accts with great payment history for about 18 mths. I just received a raise and was looking to buying a townhome with no more than $150,000 loan amt. Do you think I would qualify? or what can I do to increase my credit score and maybe apply in 12 mths for the mortgage loan? I heard that it would be good to get a secured credit card or even a car loan. Please HELP! thanks! :)

jameshogg's picture
jameshogg | Joined: December 20, 2005 02:58 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Guest,

With a 542 score, you won't be able to qualify for a FHA loan. In order to get a FHA loan, you would require a credit score of 580. I would suggest you to wait for some time and improve your score. Then, you can apply for a FHA loan. To know some steps to improve your score, check out the given page:
http://www.mortgagefit.com/credit-rating/credit-repair.html

Thanks

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 03:05 | Post subject:

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