Posted on: 13th Jul, 2010 03:10 pm
Hi, My name is Keshia. I recently have been working on my credit and anticipated buying a home. My credit score is 595 and I wanted to know were and how to apply for a FHA loan. I live in Atlanta area. ONe more thing I was recently in a car reck and been outta work 4wks already. expected to be at least 4 more wks before I can go back. Now I'm thinking I should just put this off for another year or so. Any advice please.
Hi loveblossomz,
In order to get qualified for a FHA loan, you would require a credit score of 620. The FHA approved lenders will not be ready to give you a mortgage if you've a credit score lower than that. Moreover, presently, you do not have a job. Thus, in this situation, getting a loan would be impossible for you. I would suggest you to get back to your job first and raise your credit score to around 650 - 680 which will help you in getting better interest rates.
To know some steps to improve your credit score, check out the given page:
http://www.mortgagefit.com/credit-rating/credit-repair.html
Thanks
In order to get qualified for a FHA loan, you would require a credit score of 620. The FHA approved lenders will not be ready to give you a mortgage if you've a credit score lower than that. Moreover, presently, you do not have a job. Thus, in this situation, getting a loan would be impossible for you. I would suggest you to get back to your job first and raise your credit score to around 650 - 680 which will help you in getting better interest rates.
To know some steps to improve your credit score, check out the given page:
http://www.mortgagefit.com/credit-rating/credit-repair.html
Thanks
Keisha, it might not require you to wait a year, but if you wish to obtain the best of all deals, you'd be wise to work on improving your score as rapidly as you can. Obviously, being out of work has probably been a hit to the pocketbook (hope not too bad), and that may prevent you from making some headway. Since you're not far from the 620 threshhold that James cited (and I also endorse), then you've got a reasonable expectation that you can improve your own score before too much time elapses.
Waiting a year isn't a bad idea if that will enable you to save some more money, improve the score even more, etc. Sitting down with a lender and getting a feel for what your situation is at the present vis a vis qualifying for a loan would be beneficial for you.
Waiting a year isn't a bad idea if that will enable you to save some more money, improve the score even more, etc. Sitting down with a lender and getting a feel for what your situation is at the present vis a vis qualifying for a loan would be beneficial for you.
Hello Keisha and welcome as I am to new here. The above post are good rules of thumb. Not only for the home loan you should be 620 and above but overall for your credit score. having a positive credit trating is going to help you in the long run, long after buying the home.
Some helpful tips could be had at "www.PositiveCreditRating.com" as well but keep in mind at least for a full year do not apply for any new credit cards unless you start with a secured card and maintain that for the year.
[Link deactivated as per forum rules. Thanks.]
Some helpful tips could be had at "www.PositiveCreditRating.com" as well but keep in mind at least for a full year do not apply for any new credit cards unless you start with a secured card and maintain that for the year.
[Link deactivated as per forum rules. Thanks.]