Posted on: 05th Aug, 2010 07:46 pm
I have a credit score of 630 and my husbands is 640. Will we be able to get approved for a mortgage. We don't really have any money to put down. Last year we finished paying off a credit card that went to collections. And now we are paying off the only other real collections debt we have. (We do have some medical collections that we have not paid on)
Hi jbarnhart,
With the credit scores that you've mentioned, you would be able to get a FHA loan. However, in order to get approved for a FHA backed loan, you would have to give a down payment of around 3.5% - 5%. If you do not have the required down payment, you may take help of your friends or relatives who can give you that money as a gift.
Thanks
With the credit scores that you've mentioned, you would be able to get a FHA loan. However, in order to get approved for a FHA backed loan, you would have to give a down payment of around 3.5% - 5%. If you do not have the required down payment, you may take help of your friends or relatives who can give you that money as a gift.
Thanks
In today's market, the minimum credit score requirement for most lenders is 640, with no foreclosure, short sale, BK in your recent history. As for the loan amount you can qualify for up to 96.5% of the purchase price. This would require you to put down 3.5% towards the purchase. However, the 3.5% can be a gift or acceptable government grant.
For additional information or to discuss your qualifications in greater detail, feel free to contact me. I would be more than happy to answer any of your questions.
For additional information or to discuss your qualifications in greater detail, feel free to contact me. I would be more than happy to answer any of your questions.