Posted on: 10th Oct, 2010 07:25 pm
Hello, My home was foreclosed on 08/2007, due to a extended leave of absence from work, my son having serious complications from a surgery. I accumulated a lot of delinquent accounts on my credit report, due to me having no income. I have paid off all delinquent/credit collections on my credit report, sent disputes to Credit Bureaus, all have been removed from my credit report. I opened 2 new credit cards, and have paid before the due date every month- combined debt on both cards is 86.00. My fico score has jumped from 502 to 644. I have rented an apartment for 3 years now, and my rent has been on time every month. Would I now qualify for a FHA loan, and how much should I have for a down payment? Should I wait until my credit score reaches in the 700?
Hi Lashanbharris,
If you want to get an FHA loan, then you can apply for it now. With a credit score of 644, you'll be able to get a FHA mortgage. You should contact the local lenders of your area and apply for the loan. However, if you want to get a conventional loan, then you should wait till you've a score of 700-720. In case of a FHA loan, you should offer a down payment of at least 3.5% - 5%.
Thanks
If you want to get an FHA loan, then you can apply for it now. With a credit score of 644, you'll be able to get a FHA mortgage. You should contact the local lenders of your area and apply for the loan. However, if you want to get a conventional loan, then you should wait till you've a score of 700-720. In case of a FHA loan, you should offer a down payment of at least 3.5% - 5%.
Thanks