Posted on: 02nd Feb, 2006 11:06 am
My FICO score is 630. I have credit card debt of 70K. Mine used to be 690 couple months ago(50k debt). I had to take money for personal investment(95% of credit line used).
I was thinking of buying an house(340k). What would you guys suggest? Will I get a mortgage with this score?
Wait until my score improves? I was thinking of paying off 90% of debt in 3-4 months.
Thanks
I was thinking of buying an house(340k). What would you guys suggest? Will I get a mortgage with this score?
Wait until my score improves? I was thinking of paying off 90% of debt in 3-4 months.
Thanks
I had a bankruptcy over in 2006 I have established a little credit since and now have check my score I'm at 639. I have had a few things on them that I wasn't aware of and paid them. Do I qualify for a mortgage loan? The only thing I do have left to pay which again no knowledge of, I have now an electric bill of 2,000 due to me allowing my son to have it in my name till he paid his off (I know bad idea) But the point is I can make arrangements with the utility company and I do have the funds to proceed in doing so.
Hi Guest,
You should make arrangements with the utility company and start paying off the electric bill. With a credit score of 639, you'll be able to qualify for a FHA loan. You won't be able to qualify for a conventional loan. You can speak to the local FHA lenders and apply for a mortgage.
Take care.
You should make arrangements with the utility company and start paying off the electric bill. With a credit score of 639, you'll be able to qualify for a FHA loan. You won't be able to qualify for a conventional loan. You can speak to the local FHA lenders and apply for a mortgage.
Take care.
First, you have not provided enough information to give you an accurate answer. How much money have you got available for down payment/closing costs? Have you had steady employment, what other outstanding debts do you have, amount of reserve funds etc. etc?
Also, you should have 3 credit scores and the one you got is probably not a score a mortgage lender would use. Even if it was, lenders use the middle score so you really need to get your credit scores from an actual mortgage company. Just go online and locate a lender that will do a preapproval, check your credit and get your credit scores. Make sure the lender is eligible to offer either an FHA or RD loan, especially if you don't plan to put much of a down payment.
Also, you should have 3 credit scores and the one you got is probably not a score a mortgage lender would use. Even if it was, lenders use the middle score so you really need to get your credit scores from an actual mortgage company. Just go online and locate a lender that will do a preapproval, check your credit and get your credit scores. Make sure the lender is eligible to offer either an FHA or RD loan, especially if you don't plan to put much of a down payment.
You can get a mortgage approved at 630 credit score but at high interest rate. I would personally suggest you to wait until your score reach at least 700 or above. Else, you can also find out a bank that does manual underwriting. They didnrequire FICO score and the best part is you can get a loan a lower interest rates.
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