Posted on: 22nd Jan, 2011 11:32 pm
I had a forclosure back in 2008. I have roughly 25K saved up for a down on a house. I make around 125K gross and i have a credit score of around 640ish. I don't have much debt just a credit card with ~2K and a 400per month car payment.
Houses in this area go for around 400-500k
With this information would it be a good time to start looking to buy and trying to get financing?
Is FHA backed loan my only option?
Houses in this area go for around 400-500k
With this information would it be a good time to start looking to buy and trying to get financing?
Is FHA backed loan my only option?
Hi skarragallagher,
As you've a credit score of 640, you will be able to get an FHA loan easily. In order to get a conventional loan, you should have a credit score of 700-720.
It is about 3 years since you had faced a foreclosure. Thus, it is a good time to start looking forward to buy a property of your own.
Thanks
As you've a credit score of 640, you will be able to get an FHA loan easily. In order to get a conventional loan, you should have a credit score of 700-720.
It is about 3 years since you had faced a foreclosure. Thus, it is a good time to start looking forward to buy a property of your own.
Thanks
Thanks for the reply,
I went on lendingtree to see what was out there and am working with a couple people that seem honest. I look foward to finding out if i qualify
I went on lendingtree to see what was out there and am working with a couple people that seem honest. I look foward to finding out if i qualify