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Qualify for a mortgage?

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Knowles Guest	Posted: Thu Nov 24, 2011 9:29 pm    Post subject: Qualify for a mortgage? Like 0 Dislike 0 Over the past 1 year, I have tried rebuilding my credit so that I can purchase my a condo. Presently my scores are EQ: 610, EX: 565 and TU: 660. I was 105 days late in 2007 on a closed credit card. 1 paid collections are also mentioned which I am working on. Apart from this, I have 3 open credit cards on which I have never been late. I also have 1 up-to-date student loan. I also have a car loan which I have been regularly paying off. I have a stable job with no gap in employment. My gross income is about $60K. Will I be able to qualify for a mortgage? _________________ Need help choosing the right loan? Get free consultation from community lenders/consultant
smithsussane Joined: 18 Sep 2008 Posts: 10439 Location: Alaska 985.83 Dollars($)	Posted: Thu Nov 24, 2011 10:07 pm    Post subject: Like 0 Dislike 0 Hi Knowles! Welcome to forums! As far as your debts are concerned, you are in a good standing. But your present credit score is still not enough for you to qualify for a conventional loan. You can apply for a FHA loan and check out if the the FHA approved lenders can give you a loan. There are chances that you may qualify for a FHA loan with the credit scores that you have. Feel free to ask if you've further queries. Sussane
sabrinatoss Community Expert Joined: 16 Jan 2011 Posts: 514 Location: Australia 82.40 Dollars($)	Posted: Sun Nov 27, 2011 11:26 pm    Post subject: Like 0 Dislike 0 Hello knowles, There are many different programs to help you get a mortgage even if you have bad credit. You are likey to pay a higher rate for your mortgage but there are mortgage brokers who can help you to qualify. _________________ Home Loan, Mortgage Insurance Calculator, Mortgage Broker
jveenstra Community Expert Joined: 10 Nov 2008 Posts: 1310 Location: River Edge, New Jersey 274.62 Dollars($)	Posted: Mon Nov 28, 2011 7:19 am    Post subject: Condo Like 0 Dislike 0 Besides your credit scores, the condominium needs to be FHA approved if you intend to use an FHA mortgage. For a conventional mortgage, the condominium needs to be an approved condominium project also. _________________ John Veenstra, Sr Mortgage Consultant Approved Funding Corp Licensed NJ NY CT PA 201-833-0123x278

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