Posted on: 11th Jul, 2012 01:42 am
I'm planning to apply for a mortgage after October. What is the score needed to apply? I have a 635, 601, and 596 now.
Hi Unna,
With the scores that you have you may get FHA loan. Such loans are available at a credit score of around 620. However, your scores are quite low if you're thinking of applying for a conventional loan.
Take care
With the scores that you have you may get FHA loan. Such loans are available at a credit score of around 620. However, your scores are quite low if you're thinking of applying for a conventional loan.
Take care
There is no calculator for this. But you can get an idea from the simple statement given below.
FICO Score APR Monthly Payment
760-850 3.818% $1,401
700-759 4.040% $1,439
680-699 4.217% $1,470
660-679 4.431% $1,508
640-659 4.861% $1,585
620-639 5.407% $1,686
FICO Score APR Monthly Payment
760-850 3.818% $1,401
700-759 4.040% $1,439
680-699 4.217% $1,470
660-679 4.431% $1,508
640-659 4.861% $1,585
620-639 5.407% $1,686
Hi Unna!
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
You may be eligible for an FHA loan but it will be difficult to get approved for a conventional loan. You must try to improve your credit score in the meanwhile.