Posted on: 21st Aug, 2009 11:31 am
Will a 630 score be sufficient enough for an fha loan? thanks
Hi LarryH, Yes a 630 will be fine as fha loans do look for a minimum of 620 fico score. They will also look at your income, debt, bank statements, work history, pay stubs. Hope this helps.
LarryH,
As a general consideration 630score is enough for FHA o qualify. Yet, any negative remarks and history or your financial conditions to repay the loan are also responsible to decide on whether or not you may qualify. Another important aspect will be how many years are you with the same employer?
Have you tried improving on score?
A secured credit card will improve your score enough and you should request a loan after more but simple methods to enhance the score, it is a better option, I would say.
As your score is also on the borderline, it will be at risk of lowering the score if denied on the first attempt.
As a general consideration 630score is enough for FHA o qualify. Yet, any negative remarks and history or your financial conditions to repay the loan are also responsible to decide on whether or not you may qualify. Another important aspect will be how many years are you with the same employer?
Have you tried improving on score?
A secured credit card will improve your score enough and you should request a loan after more but simple methods to enhance the score, it is a better option, I would say.
As your score is also on the borderline, it will be at risk of lowering the score if denied on the first attempt.