Posted on: 26th Nov, 2012 10:59 pm
I was wandering if it was possible with a credit rating just under 600 to obtain a loan for a first time home buyer. Everywhere I've checked so far is asking for 640-650. Need suggestions!
Hi Neville!
Welcome to forums!
It will be quite difficult for you to qualify for a loan with a credit score just below 600. The FHA lenders will want you to have a score of around 620 - 640 in order to qualify you for a FHA loan.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
It will be quite difficult for you to qualify for a loan with a credit score just below 600. The FHA lenders will want you to have a score of around 620 - 640 in order to qualify you for a FHA loan.
Feel free to ask if you've further queries.
Sussane
Hi Neville,
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 .
Thanks
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 .
Thanks
Go through this page to get a better idea on this http://www.mortgagefit.com/mortgage.html
One of the easiest ways to improve your rating is by identifying and eliminating some of the common reporting errors that many consumers have on their reports. Simply look these documents over to spot any charges that do not belong to you or open accounts that have already been fully paid off in the past. These things might represent very minor charges, but they can still have a very big impact on an individual's overall rating and his or her ability to secure loans.
If you do not have the time to do the work that it will take to get reporting errors cleared up, you may want to consider hiring a third-party company to do this for you.