Posted on: 30th Aug, 2012 05:41 pm
Hi there, i have a question on credit score and the FHA motgages, I have tried clearing my husbands credit since last November and - as i was doing this new collections appeared and i paid them off also. most recently he was on workers comp due to an injury and we had late payment with our auto loan, 1st time in hving the loadn and also a bill went on the credit for being delinquent but we paid that off immediately. Two of his scores are 573 as it dropped 13 points due to the late payment and new account that appeared - so his scores right now are 573 on trans and exper and the 602 score is on the third credit score. We have a down payment of at last 20,000 is it pssible w could get a mortgage - we could also probably get a guarantor.
Hi bluebubbles,
With the scores that you have mentioned, it will be difficult for you to qualify for a FHA loan. The FHA lenders will want you to have a credit score of around 620 in order to qualify you for a loan. It will be better if you could take steps to improve your score and then apply for a loan.
With the scores that you have mentioned, it will be difficult for you to qualify for a FHA loan. The FHA lenders will want you to have a credit score of around 620 in order to qualify you for a loan. It will be better if you could take steps to improve your score and then apply for a loan.
Hi. You are close but I think his score will be too low for an FHA. I assume you cannot get the mortgage without your husband on it? At this point if this is a purchase I don't think the score will change in his favor quickly enough, unfortunately, unless you can waut. Then again, your last line makes me wonder whether you're also considering a non-FHA mortgage - you should be able to get a non-FHA.
We offer loan programs that go below 600, but it needs to be a clean file and you would need at least 10% down. The other alternative is to have a loan officer run a credit simulator to determine how to raise the credit scores to at least 600. We also offer FHA loans with a middle credit score of 600 with 3.5% down.