Compare Mortgage Quotes

dmscinkc · Joined: 27 Sep 2009 Posts: 1 1.37 Dollars($)

I have a 630 fico score, about 1200/mo debt (credit cards, car loan, student loans) and make 140K a yr. My husband's score is 580.

We had issues in 2006. (job loss) No issues in the past 2-3 years. How much should I expect to save for down payment (5%...etc) and how much house would I be able to qualify for. The calculators tell me I can "afford" 400K but I'm not sure I'll be loaned that.

Thanks for the help!

sunnyca2009 · Joined: 04 Aug 2009 Posts: 1731 35.55 Dollars($)

630 is a good score for FHA loan.

You cna go with as low as 3.5% down with FHA, bit you will have to pay PMI(MIP) until your pay off up to 20% of the principal

But if you can do 20% down, probably you cna qualify for $400k by your self

Since your husbands score is 580 he cannot be aprt of the loan

So along with saving fordown payment you cna alsyws have yoru husband work on imprving his score to reach atleast 630 to qualify for FHA loan

adonis · Posted: Sun Sep 27, 2009 8:52 pm Post subject:

Hi dmscinkc,

With a credit score of 630, you may be able to qualify for a FHA loan. However, it won't be possible for you to qualify for a conventional loan as it would require a credit score of 740. Moreover, your husband will not be able to qualify even for a FHA loan as his credit score is 580. The minimum credit score required to qualify for FHA loan is 620.

gunzijjistaff · Joined: 07 Apr 2009 Posts: 712 4.51 Dollars($)

Company	Loan Type	APR	Est. Pmt.
				Go
				Go
				Go
				Go
				Go
				Go

Property State:
Property Type:
Credit Rating:

All times are GMT - 7 Hours

Page 1 of 1

Compare Mortgage Quotes

Home Mortgage with 630 FICO?