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need to know if we would qualify to get a home loan

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momof3at24 Joined: 18 Apr 2010 Posts: 1 1.00 Dollars($)	Posted: Sun Apr 18, 2010 8:43 pm    Post subject: need to know if we would qualify to get a home loan Like 0 Dislike 0 me and my husband have gotten our credit scores and they are 555 and 529.. would we qualify???really need to get into a house rather then an apartment
adonis Joined: 22 Oct 2005 Posts: 10569 Location: ALASKA 1090.22 Dollars($)	Posted: Sun Apr 18, 2010 9:34 pm    Post subject: Like 0 Dislike 0 Welcome momo, It won't be possible for you to qualify for a mortgage with such low credit scores. It would be better if you could rent a property for the time being and improve your scores and then look out for a loan. To get a FHA loan, you should have a score of 620 and to get a conventional loan, you would require a score of 700-720. _________________ Procrastination is the enemy of your financial success
JKennedySLG Community Expert Joined: 01 Apr 2009 Posts: 408 Location: New Jersey/New York 20.05 Dollars($)	Posted: Mon Apr 19, 2010 8:55 am    Post subject: Like 0 Dislike 0 As stated above, it would not be of benefit to attempt to purchase a home with those credit scores even if you were able to qualify. You end up paying a whole lot more in interest over the life of the loan. The money you would save renting compared to buying right now will help you to pay down whatever debts are drawing your scores down. Once your credit is in the 600's you should begin looking and you'll realize what a difference it makes. I hope this helps... _________________ James Kennedy New York/New Jersey (732)979-7409 Hard Money & Stated Income Loans First Time Home Buyers (540+ Credit)

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