Posted on: 09th Dec, 2013 01:12 am
I am looking forward to buy a property. I have ample amount saved which can act as down payment but my credit is in the toilet! Will I be able to get a mortgage in such a situation?
Your credit score is a reflection of your creditworthiness. Thus, if you have a bad credit, then you face difficulty in getting a mortgage.
You may be able to get an FHA mortgage with a credit score as low as 560.
If your credit score is lower than that, you probably cannot get a mortgage.
You stand a better chance if your credit score is 580 or higher, better yet if 620 or higher.
If your credit score is lower than that, you probably cannot get a mortgage.
You stand a better chance if your credit score is 580 or higher, better yet if 620 or higher.
Even though you have a lot of savings for the down payment, you will not be able to get a loan with poor credit score. Thus, try to boost your credit before you may apply for a mortgage.