Posted on: 09th Sep, 2009 05:16 pm
i have a 582 and her scoreis 583 but having trouble getting fha loans in tn but i went to creditkarma and got the scores but those scores are from transunion if ppl didnt know but all negative were doctor bills and went back and disputed basically were double billed where insurance was suppose to pay but as well an old loan that i have almost paid off al but 200.00 from 2004 but what are some lenders or what should i do im doing everything i know i mean with the economy you dont have much room to play with money and only in time what is the best option payig all my bills i have on time and dont want the other loan cause want to stay in the city limits easy for work and kids schools
Jimmy1985,
welcome to the forum
for FHA loan min credit score req is 620
welcome to the forum
for FHA loan min credit score req is 620
Hi jimmy,
With a credit score of 582-583, you cannot qualify for an FHA loan. You need to improve your credit to at least 620 points in order to get an FHA loan. If you have been paying off the old loan and the balance on the loan has come down to $200, it should not be a problem for you. As far as the doctor's bills are concerned, you need to pay them off as quickly as possible. If you cannot pay them off in lump sum, you should enter into some sort of payment plan where you can pay off the bills over a certain period of time. Unless you remove the negative items from your credit and have at least 620 credit scores, you do not have any chance to get approved for an FHA loan.
With a credit score of 582-583, you cannot qualify for an FHA loan. You need to improve your credit to at least 620 points in order to get an FHA loan. If you have been paying off the old loan and the balance on the loan has come down to $200, it should not be a problem for you. As far as the doctor's bills are concerned, you need to pay them off as quickly as possible. If you cannot pay them off in lump sum, you should enter into some sort of payment plan where you can pay off the bills over a certain period of time. Unless you remove the negative items from your credit and have at least 620 credit scores, you do not have any chance to get approved for an FHA loan.
get rid of the collections and the bad debt. make sure all your other credit obligations are handled appropriately and wait until your credit score gets to the point that you are eligible for financing. then seek out a home that fits your budget, that fits your qualifications and work closely with your mortgage lender so you can actually go to closing on that home. it's a process, jimmy, and it won't happen overnight. your scores didn't dip to the 580's overnight and they won't jump up that quickly either.
For FHA minimum credit score reqiure is 620.
Other eligibilities are there but credit score is primary eligibily to qualify for FHA or any type of loan.
Other eligibilities are there but credit score is primary eligibily to qualify for FHA or any type of loan.
Thanks for the information.