Posted on: 21st Feb, 2009 08:00 am
trying to get apply for a fha loan around Oct 09 my credit score as of today is 654. I have 2 negative listings on my credit report... one is a charge off of 500.00 which i paid through a CA but the OC still shows on my report but it will come off on JAn 2010. Also have another charge off which i had to claim on my taxes yrs back on a car loan which is coming off in march of 2010 both of these negatives are going to be almost 7 yrs old, My credit has been good since then how much of a negative impact will they have during my process if trying to a get a loan in oct ? im trying to get a 215,000 loan, i make 45,000 a yr and have 1 open current credit account which is a credit card my debt without the 2 negative listings is less than 1,000.
Hi gogolatino,
When you apply for a loan in October, the negative listings will definitely affect your chances. I would suggest you to wait for a few months so that these negative listings are removed and then look out for a loan.
Thanks
When you apply for a loan in October, the negative listings will definitely affect your chances. I would suggest you to wait for a few months so that these negative listings are removed and then look out for a loan.
Thanks
Yes james is correct if you have time to wait to get a house, It would benefit you to do so and try to get these listings off your credit. Your score is fine for an FHA loan but those negative factors might lead to you not getting approved.
I think that you should go ahead and try it I got a house at 5.75% with a credit score lower than what you have and 3 negative factors on my report.
Oh yeah and it was a fha loan.
My wife and I are hoping to buy a condo later this year. However, I am very concerned about getting approved for a loan due to my credit. As a first time home buyer, I looked into an FHA loan. My credit is poor (low 600) with some negative charge offs. My income is over 100k (consisten) and mortgage payments won't be a problem. I was looking at a fha loan of about 400k. What are my prospects of getting fha loan in california.
Hi jonathanSoCal!
Welcome to forums!
In order to get approved for a FHA loan, you will require a minimum credit score of 620. I would suggest you to improve your credit and remove the negative charge offs and then look out for a loan. In order to improve your credit, check out the following link:
http://www.mortgagefit.com/credit-rating/credit-repair.html
Feel free to ask if you have further queries.
Sussane
Welcome to forums!
In order to get approved for a FHA loan, you will require a minimum credit score of 620. I would suggest you to improve your credit and remove the negative charge offs and then look out for a loan. In order to improve your credit, check out the following link:
http://www.mortgagefit.com/credit-rating/credit-repair.html
Feel free to ask if you have further queries.
Sussane
Thank you for the information. I am working to improve my credit score and remove charge offs. Given that I improve my credit score to mid 600 and have some negative marks (all paid off), would it still be difficult to get an FHA loan for first time home buyer? Due to my student loans (graduate), my debt level is high per the credit report. I think this will affect my approval also. I just don't know if improving my credit score and removing some charge offs will be enough. I though FHA loans are for people like me with not so good credit. Just trying to find ways to improve my chances of getting an FHA loan.
Also, if I do not get approved for an FHA loan, what other options do I have. Can I apply again for FHA loan through another lender?
Hi jonathan,
The minimum credit score required to get a FHA loan is 620. If you have paid off the charge off or collections, then it would have a positive effect on your credit score. I guess, you'll have to wait for sometime in order to get a FHA loan.
If you do not get approved by a particular lender, then you can check out with other FHA lenders. If you don't get a FHA loan, you'll have to improve your credit score further and look for conventional loans.
Thanks
The minimum credit score required to get a FHA loan is 620. If you have paid off the charge off or collections, then it would have a positive effect on your credit score. I guess, you'll have to wait for sometime in order to get a FHA loan.
If you do not get approved by a particular lender, then you can check out with other FHA lenders. If you don't get a FHA loan, you'll have to improve your credit score further and look for conventional loans.
Thanks
Hi John, Your credit score should be fine for applying for an FHA loan. There might be a problem with the the charge off and negatives on ur credit report. FHA usually looks for 2+ years work history, Last 2 years w2's, 2 months bank statements, and last 12 months of credit history pretty clean if im not mistaken. Ur income looks good debt is not too bad. Only thing i see holding you back from a FHA loan is the negatives and charge offs on ur credit. Hope this helps john. Take Care
can i apply in a few months agaiin , i live in fla what to do im lost i dont have a good credit score
can i apply in a few months agaiin , i live in fla what to do im lost i dont have a good credit score
Hi Mary, you need to have a credit score in order to obtain a mortgage loan right now. You might try to obtain a secured credit card. Pay it on time and this will help you to obtain a score. Do Not run the limit so high you can not afford to make the payments. Get a card with a 2-300.00 limit and use it for gas or something minimal and may if off monthly. That should help.
Good suggestion Donna