Posted on: 11th Aug, 2012 06:53 am
Hello,
Does anyone have any suggestions on getting approved for a mortgage loan from a lender with the following conditions:
-Looking for about $200k loan
-Credit Score 620
-Currently a student loan in default (son's $25k federal student loan which I co-signed and just found out about. I am willing to pay it off for him immediately to get a loan)
-Have about $50k in cash
-Income is about $70k
-Primary residence/business was just sold with no late payments
-Short sale on file on an investment property in 2008 that I initially purchased with 20% down
Thanks any suggestions for lenders that work with FL would help!
Does anyone have any suggestions on getting approved for a mortgage loan from a lender with the following conditions:
-Looking for about $200k loan
-Credit Score 620
-Currently a student loan in default (son's $25k federal student loan which I co-signed and just found out about. I am willing to pay it off for him immediately to get a loan)
-Have about $50k in cash
-Income is about $70k
-Primary residence/business was just sold with no late payments
-Short sale on file on an investment property in 2008 that I initially purchased with 20% down
Thanks any suggestions for lenders that work with FL would help!
Hi giant!
Welcome to forums!
With a 620 credit score, you will be able to qualify for a FHA loan. It will be difficult for you to qualify for a conventional loan with this kind of credit score. However, if a short sale takes place, then it will get further difficult for you to qualify for a loan.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
With a 620 credit score, you will be able to qualify for a FHA loan. It will be difficult for you to qualify for a conventional loan with this kind of credit score. However, if a short sale takes place, then it will get further difficult for you to qualify for a loan.
Feel free to ask if you've further queries.
Sussane
Welcome giants,
I agree with what Sussane has said. You can get qualified for a FHA loan with the scores that you have. However, in order to get a conventional loan, you will need a score of around 700-720. You should contact the local FHA lenders and apply for a loan.
I agree with what Sussane has said. You can get qualified for a FHA loan with the scores that you have. However, in order to get a conventional loan, you will need a score of around 700-720. You should contact the local FHA lenders and apply for a loan.