Posted on: 28th Mar, 2009 09:22 pm
I am 40 and have over 20 years of credit history. 1st open cc was 1993. Gross income of 81k and husbands is 50K. Looking to qualify for joint loan. Could I quality or how does it appear to a lender if I took an 18k loan from my 403b over a year ago to pay off my debts and collections? Balance on that loan is now at 14K to be finished in 3.5 to 4 years. As a result, my current credit reports show 2 satisfied judgments. One was currently satisfied less than 30 days ago and other satisfied over a year ago when I took the 403b loan. Currently, I still have some open lines of credit to me via card credit at about 20K. Only cc debt is $4500 (no late pmts on cc) I have no late payments or collections that are less than 12 or 16 months old. The charge offs and collections that are on report show paid or settled over 12 months ago? 2 auto loans are also on report. One currently paying, never late and balance of 4,800. Making extra payments to pay off by Dec 2009 or March 2010 latest. Other previous lease paid off 4 years ago and shows never late. Had a hard with Cc's over 2 years ago, but not anymore!! My credit has improved to a lower middle score of at least 580 to 620 this year since my bad actions are gaining age, so I hope to qualify for FHA this year..with my husband. Husbands score is at least 720 or higher and only debt is a graduate school loan with no lates. Husband is a teacher and we will be 1st time home-buyers. Do we have a shot a getting a loan? If so, FHA so we could put less than 20% down%
Welcome skyllar,
The minimum credit score to get a FHa loan is 620. As both of you have that credit score, I don't think there would be an issue in getting a FHA loan. I appreciate that you don't have any collections or late payments on your credit report. This would also be taken as a positive point in order to get a FHA loan. As far as I know, FHA loans require a minimum down payment of 3.5%. It would depend on you as to how much downpayment you would be able to afford.
The minimum credit score to get a FHa loan is 620. As both of you have that credit score, I don't think there would be an issue in getting a FHA loan. I appreciate that you don't have any collections or late payments on your credit report. This would also be taken as a positive point in order to get a FHA loan. As far as I know, FHA loans require a minimum down payment of 3.5%. It would depend on you as to how much downpayment you would be able to afford.