Posted on: 07th May, 2009 03:39 pm
I am trying to purchase a property that is in foreclosure. I currently live in the property as a tenant. I have run into a issue where lenders think, I am bailing out the owner. Which I am not, I like where I live and would like to continue living there. Any help would be of great help. My credit isn't that great. My mid is 597, but i carry almost no debt, I have a stable job, and made pretty good money last year 90+.
Call me or fill out a short app on my website and I can look into options.
scarface, there are many lenders here on the site who may be able to help you.
Jim, the right response would be to direct him to contact one of the many qualified mortgage professionals here at Mortgagefit.
Jim, the right response would be to direct him to contact one of the many qualified mortgage professionals here at Mortgagefit.
I can't imagine ALL lenders will shy away from this deal. Credit requirements are typically 620 credit score for FHA loans, but there are still lenders lending down to 580. If you meet the eligibility requirements and have all the necessary documentation, you should be ok. I hope this helps...
***My apologies Eric if I offended you or any other member of our community. Scarface, there are a number of NY lenders throughout this community. I noticed you had posted similar questions twice and offered a hand. Even if you do not require the assistance of a member within our community, I think you can benefit greatly asking questions you may have.
***My apologies Eric if I offended you or any other member of our community. Scarface, there are a number of NY lenders throughout this community. I noticed you had posted similar questions twice and offered a hand. Even if you do not require the assistance of a member within our community, I think you can benefit greatly asking questions you may have.
WHat do you guys think the interest rate will be for some one with that credit score.
By the way Scarface, how much down payment are you looking to make?
By the way Scarface, how much down payment are you looking to make?
Hi scarface,
To qualify for an FHA loan you need to have a credit score of 620. With a credit score of 580, you will not be able to get an FHA insured loan. However, since you have a stable job and good income and you do not have too much of debt, you may qualify for other types of loan. You can go for a no-obligation free consultation the lenders of this community in this regard. They will assess your financial situation, income, LTV and DTI ratio etc and would be able to tell you if you can qualify for a mortgage with a 580 credit score. If you do qualify for one, they would also be able to help you in getting the loan.
To qualify for an FHA loan you need to have a credit score of 620. With a credit score of 580, you will not be able to get an FHA insured loan. However, since you have a stable job and good income and you do not have too much of debt, you may qualify for other types of loan. You can go for a no-obligation free consultation the lenders of this community in this regard. They will assess your financial situation, income, LTV and DTI ratio etc and would be able to tell you if you can qualify for a mortgage with a 580 credit score. If you do qualify for one, they would also be able to help you in getting the loan.
I am looking to put down a 3.5% down payment.
Some of the key items which can affect your loan woudl be
- Savings in your account
- 401k Balance
- Income to debt Rate
- Down payment.
FHA requires 3.5% down. But with your 580 score, some times exceptiosn are done if all the above look good.
- Savings in your account
- 401k Balance
- Income to debt Rate
- Down payment.
FHA requires 3.5% down. But with your 580 score, some times exceptiosn are done if all the above look good.