Posted on: 21st Jul, 2009 09:40 am
I have money for a large down payment but my credit is poor. Is there any way for me to get a home loan?
armygirlvet
Welcoem to the forum
Can you give us more details about your credit, when you say bad credit.
Good luck and feel free to ask
Welcoem to the forum
Can you give us more details about your credit, when you say bad credit.
Good luck and feel free to ask
I currently have a 582 credit score
Guest
Minimum credit score required for a FHA loan would be 620. Since youa r every close I woudl suggets you to work on improving your credit score and apply for FHA loan when you reach the 620 number.
our credit score and report is based on the following
35% is based on payment history
30% Amount you owed
15% length of history
10% New credit
10% on types of credit
As you can see 35% is payment history, as you are making payment on time now, it will help you to improve the score quickly and the next 30% is how much you owed. As you keep making payment it will reduce the amoutn you owed helping again to improve your score and report.
15% is length of credit history, which i assume you have pretty good history.
Good luck and feel free to ask
Minimum credit score required for a FHA loan would be 620. Since youa r every close I woudl suggets you to work on improving your credit score and apply for FHA loan when you reach the 620 number.
our credit score and report is based on the following
35% is based on payment history
30% Amount you owed
15% length of history
10% New credit
10% on types of credit
As you can see 35% is payment history, as you are making payment on time now, it will help you to improve the score quickly and the next 30% is how much you owed. As you keep making payment it will reduce the amoutn you owed helping again to improve your score and report.
15% is length of credit history, which i assume you have pretty good history.
Good luck and feel free to ask
punctilious post. due one detail where I contest with it. I am emailing you in detail.
I am nto sure what you need Debt Settlement Program