Posted on: 11th Apr, 2009 09:22 pm
Due to a previous bad marriage and debt my credit score was 500. Now thanks to time and some credit hstory my score is 628 and should gain as I just also opened to major secured credit cards and more chrge offs are scheduled to fall off this year. My annual income is 50,000 and savings is 20,000. Do I qualify for a home loan of 140,000? Thanks for any info.
Hi russellg,
A minimum credit score of 620 is required to qualify for an FHA backed loan as per the recent credit requirement. Your credit score is good enough for you to qualify for an FHA loan. You can also qulaify for a conventional loan. There are no down payment loan programs available also. If you do not have too much money to put down initially, you can go for such loans as well. Before you decide on any loan program, shop around a little and find the one with the best rates and terms. You can also seek a no-obligation free consultation with the lenders in this community. They can guide you in choosing the right loan option for you.
A minimum credit score of 620 is required to qualify for an FHA backed loan as per the recent credit requirement. Your credit score is good enough for you to qualify for an FHA loan. You can also qulaify for a conventional loan. There are no down payment loan programs available also. If you do not have too much money to put down initially, you can go for such loans as well. Before you decide on any loan program, shop around a little and find the one with the best rates and terms. You can also seek a no-obligation free consultation with the lenders in this community. They can guide you in choosing the right loan option for you.
I am trying to log on to the no obligation free consultation but it states the e mail i list already exists. That seems impossible since it is my employee email with my company. Oh well
Hi yes please try the no obligation consultation on the home page. As for the loan 620 score is the min for a fha loan. 4k a month might be enough for 100-120k loan im not so sure about 140. You might want to check with lendors on here. There are plenty of lendors on here that can actually run the numbers for you and get you an exact number.
Since you have $20k and you are looking at a house of $140k, you may be in a good shape if you can do a 20% down payment. That means you need additional $8K meet that.
Most lenders would prefer atleast 20% down payment. Which shows some gurantee for the lender.
Most lenders would prefer atleast 20% down payment. Which shows some gurantee for the lender.