Posted on: 27th Aug, 2013 01:37 am
I don't have any kind of credit but I have inherited enough money which can be used as down payment. Will I be able to qualify for a FHA loan?
Hi Whacky,
With no credit it may not be possible for you to qualify for a FHA loan. You need to have a minimum credit score of 620 in order to get a FHA loan.
Thanks,
Jerry
With no credit it may not be possible for you to qualify for a FHA loan. You need to have a minimum credit score of 620 in order to get a FHA loan.
Thanks,
Jerry
Hi Whacky,
You may take help of a co-signer in order to get the FHA loan. The co-signer should have good income and credit in order to qualify for the loan.
Thanks
You may take help of a co-signer in order to get the FHA loan. The co-signer should have good income and credit in order to qualify for the loan.
Thanks
It will depend on the terms of the loan you are looking to get and what the specific lender is willing to risk with your loan. It can help if you have a co-signer to go on the loan with you if they have good credit. You can still try for the loan on your own but you may end up paying higher interest rates for the duration of the loan. To see ways you can get a home loan with less than great credit check out BadCreditHistories.