Posted on: 02nd Aug, 2010 06:19 pm
Hi,
My credit score is 630 and my debt is under $5000, I will have that paid in next summer. I am looking to buy a house once that $5000 is paid off. Will I be able to get a mortgage? I know my credit will be at 630 but I wont be in any debt.
Thanks
My credit score is 630 and my debt is under $5000, I will have that paid in next summer. I am looking to buy a house once that $5000 is paid off. Will I be able to get a mortgage? I know my credit will be at 630 but I wont be in any debt.
Thanks
Hi JRLea!
Welcome to forums!
With a credit score of 630, you would be able to qualify for a FHA loan. However, in order to get a conventional loan, you would require a score of 700-720. As you would pay off the debt by next summer and then apply for a loan, you should take steps to improve your credit score now. You should check out the given page in order to know about some steps to improve your score:
http://www.mortgagefit.com/credit-rating/credit-repair.html
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
With a credit score of 630, you would be able to qualify for a FHA loan. However, in order to get a conventional loan, you would require a score of 700-720. As you would pay off the debt by next summer and then apply for a loan, you should take steps to improve your credit score now. You should check out the given page in order to know about some steps to improve your score:
http://www.mortgagefit.com/credit-rating/credit-repair.html
Feel free to ask if you've further queries.
Sussane
I was looking at VA loans. I am currently in the Navy. So that means I qualify to receive that right? So I could get a VA loan with no down payment?
Welcome JRLea,
You may be able to get a VA loan with no down payment but you'll have to pay a VA funding fee. I would suggest you to speak to the local VA lenders in order to know whether or not you'll be able to qualify for a no down loan.
You may be able to get a VA loan with no down payment but you'll have to pay a VA funding fee. I would suggest you to speak to the local VA lenders in order to know whether or not you'll be able to qualify for a no down loan.
You should contact "dnoble@naca.com". There is a program that offers no downpayment, no closing cost and no PMI.
[Email address deactivated as per forum rules. Thanks.]
[Email address deactivated as per forum rules. Thanks.]
With a credit score of 630 you will qualify for an FHA loan conventional loans looks for 700+ fico score