Posted on: 03rd Aug, 2009 12:22 pm
Im trying to get a loan of 188k with a fico score of 567 but i have decent income of 74k a year.
Hi, A score of 567 is not good enough for any loan. FHA loans do require a minimum fico of 620. The good income is great but will not get you a loan by itself. If your not in a rush you can get your score up to 620 by paying your bills on time and paying down some debt.
I local bank may work with you. What state is the property located in?
mbarajas
Welcoem to the forum
EVen if the loan banks offer you a loan, the interest rates may be high. It also depnds on how long you have been employed.
Good luck and feel free to ask
Welcoem to the forum
EVen if the loan banks offer you a loan, the interest rates may be high. It also depnds on how long you have been employed.
Good luck and feel free to ask
your credit score is low for you to qualify for any loan.... Income alone cannot make you qualify for a loan... you should work on improving your credit score and try to bring it up to 620 so that you can qualify for FHA loan....
kbkevin
I disagree. There are smaller (regional) banks who do not have specific credit SCORE requirements but review the entire scenario (file) and take all factors into consideration.
I disagree. There are smaller (regional) banks who do not have specific credit SCORE requirements but review the entire scenario (file) and take all factors into consideration.