Posted on: 03rd Dec, 2013 01:05 am
I have a credit score of 656. I am attempting to buy a home. Will the credit score be a problem? My loan officer says that it will be OK. I also have disputes on my credit report.
Hi Peary,
Your credit score will not be a problem in order to get a FHA loan. However, you may have to make sure that you remove the disputes on your credit report.
Thanks,
Jerry
Your credit score will not be a problem in order to get a FHA loan. However, you may have to make sure that you remove the disputes on your credit report.
Thanks,
Jerry
Welcome Peary,
Jerry is right in saying so. However, if you are looking for a conventional loan, then you will have to improve your credit scores and increase it to 720 minimum.
Jerry is right in saying so. However, if you are looking for a conventional loan, then you will have to improve your credit scores and increase it to 720 minimum.
Adonis,
Who are you and where do you get your information from?
Conventional loans are OK down to a credit score of 620.
Disputes may or may not have to be removed before closing. It depends on whether the disputes are on derogatory accounts or not, what the balances of the disputed accounts are, etc.
Who are you and where do you get your information from?
Conventional loans are OK down to a credit score of 620.
Disputes may or may not have to be removed before closing. It depends on whether the disputes are on derogatory accounts or not, what the balances of the disputed accounts are, etc.
If you are going to apply for an FHA loan, then your credit score of 656 will not be a problem at all. However, in case of disputes on your credit report, you will have to get them removed before applying for a loan.