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if your credit is about 610 can you get a loan

my husband and I filed bankrupt 6 year ago and we due have a car note our credit is around 610 can we still get a loan for a moblie home. the home is park and you rent the spot.

sunnyca2009's picture
sunnyca2009 | Joined: August 4, 2009 07:15 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

You need minimumof 620 to get a FHA loan

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jameshogg's picture
jameshogg | Joined: December 20, 2005 02:58 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi salcedo,

What type of loan are you planning to take? You should have a credit score of 620 in order to get a FHA loan. For conventional loans, you would require a credit score of 720-740. As your credit score is 610, you should try to improve it so that it reaches 620. Check out the following page to to know some steps to improve your credit score:
http://www.mortgagefit.com/credit-rating/credit-repair.html

Once your credit score improves, you can apply for a FHA loan.

Thanks

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pettybob1's picture
pettybob1 | Joined: September 7, 2009 09:43 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

your score should be 620 for FHA loan

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smithsara302's picture
smithsara302 | Joined: June 12, 2009 11:36 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

I think your credit should be 620 for FHA.
But you can check with local lenders to get it with less credit score.

Check with local lenders that may be in benefit of you.

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 02:11 | Post subject:

kas_mah80's picture
kas_mah80 | Joined: September 6, 2009 11:52 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

hello,
what type of loan u need
if you wannt FHA loan u need minmum 620-630 credit score,
and if you need other loan you need more credit score.

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sunnyca2009's picture
sunnyca2009 | Joined: August 4, 2009 07:15 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

They are looking for loan on a mobile home

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ronb009's picture
ronb009 | Joined: December 17, 2009 09:16 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

You have to check locally with your local lenders.That will help you to get your required loan as per your finantial condition.

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gmakerley's picture
gmakerley | Joined: November 9, 2007 07:36 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

i concur - local lenders, who may be credit unions or smaller banks with a local presence only, are more likely to consider (we believe) granting loans to folk with checkered credit histories. of course, smaller banks (unless they're really rural) probably don't have much use for a portfolio of [url=http://www.mortgagefit.com/mobile-homeloan.html]mobile home loans[/url]. in that case, you're probably better served looking for a company that specializes in that type of lending - again, probably portfolio, but not likely to be a bank or credit union. more likely, you'll find those in that business to be loan companies with rates higher than you will typically find on mortgages.

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riseabove's picture
riseabove | Joined: November 9, 2009 12:58 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

you can look at online lenders, or bad credit lenders but you'll probably want to try and get that score up a bit.

That said you may be able to get a loan, but it will most likely cost you more in interest.

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gmakerley's picture
gmakerley | Joined: November 9, 2007 07:36 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

yeah...do what it takes to bump that score is the best advice. you're only 10 points below what most lenders use as a minimum for fha lending - pay somebody off today and see the benefit.

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