Posted on: 14th Apr, 2011 03:59 pm
i my credit score is 631, 631, and 602. i've been with my employer for 4 years. i make over 40,000. a year. i'm a first time home buyer. can i be approved for a mortgage loan of 150,000-210,000? hopefully a fha loan?
First, where did you get your credit scores from? If it was one of the online services that promotes free credit scores or has you sign up for a paid service to get them, then these are not the same scores mortgage lenders use.
Problem is they can be quite a bit higher and with a middle credit score you got of 631, your actual scores could put you 20 points or more below that.
Right now most lenders want a 660 credit score to qualify for a FHA loan, though I'm sure there are some out there that will go lower. It's then a question of what kind of rate and fees you are going to pay to get the deal done.
First step though is to get your actual credit scores. Just go online find a lender that will do a pre-qualification where you supply your social security number so they can do a credit pull and get your scores to see where you currently stand. No need to complete a full application until you can get an idea of what you actually qualify for. You may need to take some steps to boost your credit scores first.
Problem is they can be quite a bit higher and with a middle credit score you got of 631, your actual scores could put you 20 points or more below that.
Right now most lenders want a 660 credit score to qualify for a FHA loan, though I'm sure there are some out there that will go lower. It's then a question of what kind of rate and fees you are going to pay to get the deal done.
First step though is to get your actual credit scores. Just go online find a lender that will do a pre-qualification where you supply your social security number so they can do a credit pull and get your scores to see where you currently stand. No need to complete a full application until you can get an idea of what you actually qualify for. You may need to take some steps to boost your credit scores first.
Hi ellen!
Welcome to forums!
With the credit scores that you've mentioned, you may be able to qualify for a FHA loan as some lenders may offer a FHA loan at a credit score of 620. You won't be able to get a conventional loan. You need to contact the local FHA lenders and apply for a mortgage with them. They will be able to help you in getting a mortgage.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
With the credit scores that you've mentioned, you may be able to qualify for a FHA loan as some lenders may offer a FHA loan at a credit score of 620. You won't be able to get a conventional loan. You need to contact the local FHA lenders and apply for a mortgage with them. They will be able to help you in getting a mortgage.
Feel free to ask if you've further queries.
Sussane
Jim made a good suggestion...find a lender who'll work with you in this pre-qualifying stage. Have them run your credit so as to determine precisely where you stand now. If your scores are lower than you hoped, grill the loan officer for ways in which to improve them, and go to work immediately to do that.
Don't be too worried about a lot of mortgage-related inquiries in a short period of time (if you choose to speak to a few different lenders), as the credit repositories look at a bunch of such inquiries as if they were one for the purpose of scoring you.
Don't be too worried about a lot of mortgage-related inquiries in a short period of time (if you choose to speak to a few different lenders), as the credit repositories look at a bunch of such inquiries as if they were one for the purpose of scoring you.
