Posted on: 07th Oct, 2012 08:06 am
Hello, I was wondering if my husbands credit score of 633 is good enough to purchase a home ? He recently has been working with the credit union in our area and has paid off 1 of his 2 loans and now has a unsecured credit card through them of 1,000 dollar credit limit, should he wait untill the other loan of 638.00 is paid off or should we try and get a mortgage now ???
Hi susan,
With a credit score of 633, your husband will be able to qualify for a FHA loan. Conventional loans are available for a credit score of 700-720.
Thanks
With a credit score of 633, your husband will be able to qualify for a FHA loan. Conventional loans are available for a credit score of 700-720.
Thanks
Hi susan!
Welcome to forums!
You can check out the given page in order to know some steps to improve your score: http://www.mortgagefit.com/credit-rating/credit-repair.html .
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
You can check out the given page in order to know some steps to improve your score: http://www.mortgagefit.com/credit-rating/credit-repair.html .
Feel free to ask if you've further queries.
Sussane
Given his credit score, he is likely to get the approval for an FHA loan. But his income and down payment capability will also have to be taken into consideration while offering him a loan.
With your husband's credit score of 633, he would be more likely to be approved of a Federal Housing Administration loan. However, they would also need to consider his income as well as the amount of down payment you will be able to provide. If you focus on paying your other debts first, your chances of being qualified for conventional loans will increase. Conventional loans usually accept applications from people whose credit scores range from 700 to 720.
Check your credit report and credit scores regularly!
Check your credit report and credit scores regularly!
A credit score of 633 can still have a shot at conventional loans however the interest rates might be too high. If you fail to pay for those interest rates you are at risk of being in debt more and having a lower credit score. He can decide to apply for a Federal Housing Administration loan, but before he gets approved, he should have sufficient income and a reasonable amount of down payment. If you still have time, it would be best to work on improving your husbans credit score first. Not only will your chances of being approved increase but you will be offered interest rates that are more affordable as well.
your husband will be able for applying a home loan