Posted on: 04th Jul, 2010 06:06 pm
My credit is lousy (587) and my husband doesn't have eenough lines of credit so getting a FHA loan onour own is nit likely...we have 20% toput down on a home we would like to purchase...and a great cosigner...and the income...is there any way we could get a loan under these cirumstances??
I think for FHA the required credit score will be 620.......
But you can check locally as many local lenders may help you in this.
best luck
But you can check locally as many local lenders may help you in this.
best luck
Hi Dcammisa,
You need to have a credit score of minimum 620 to get a FHA loan. However, there are lenders who provide loans with low credit, you need to search it in market. But I would suggest you to wait for sometime and try to improve your credit score to atleast 680 to 700 in order to get better loan option like good rate of interest, low down payment, etc.
Hope this will help you.
You need to have a credit score of minimum 620 to get a FHA loan. However, there are lenders who provide loans with low credit, you need to search it in market. But I would suggest you to wait for sometime and try to improve your credit score to atleast 680 to 700 in order to get better loan option like good rate of interest, low down payment, etc.
Hope this will help you.
Hi Dcammisa,
You should look the suggetion given by Rita.
But i believe that all suggetion will be depend on your financial condition and availability of your market resarch for the mortgage.....
So as per my opinion you should do the market research and take decision as per your finacial status.
best of luck
You should look the suggetion given by Rita.
But i believe that all suggetion will be depend on your financial condition and availability of your market resarch for the mortgage.....
So as per my opinion you should do the market research and take decision as per your finacial status.
best of luck
If you are truly desperate to get a mortgage right away, then you'll be forced to deal with someone who will give you the worst possible interest rate, and you'll likely be required to come into the transaction with a bundle of money as well. Waiting until your scores are in the ranges noted by others will mean a long wait, but the reward at the end would be worth the time.
The choice is clearly all your own, but waiting - despite the time element - is to your overall benefit.
The choice is clearly all your own, but waiting - despite the time element - is to your overall benefit.
