Posted on: 05th Jan, 2011 06:09 pm
Hi I have a question. We short sold our house in september due to money issues & some marital problems. We are getting our finances under control, hoping to buy in the 3 years that we have to wait out due to the short sale. We have one late payment on our mortgage and 2nd due to bank issues, closing dates on house. I have been fighting with them on
this late hit on our credit.
anyway my question is, what is the minimum credit score rating needed for a 203k loan, what is considered luxury improvements? What we are looking at is an old fixer upper that a 95 year old woman owns right now. We were planning on adding a second story and updating the house in general. I am trying to figure out what the loan would cover and what it would not. (i.e. new kitchen, hvac, electrical, adding addions, bathrooms, etc...)
Kara
[size=9:aa53119aa6][color=Red:aa53119aa6][Email address deleted as per forum rules. Thanks.][/color:aa53119aa6][/size:aa53119aa6]
this late hit on our credit.
anyway my question is, what is the minimum credit score rating needed for a 203k loan, what is considered luxury improvements? What we are looking at is an old fixer upper that a 95 year old woman owns right now. We were planning on adding a second story and updating the house in general. I am trying to figure out what the loan would cover and what it would not. (i.e. new kitchen, hvac, electrical, adding addions, bathrooms, etc...)
Kara
[size=9:aa53119aa6][color=Red:aa53119aa6][Email address deleted as per forum rules. Thanks.][/color:aa53119aa6][/size:aa53119aa6]
Hi KUKU!
Welcome to forums!
In order to get an FHA 203k loan, you should have a credit score of 580-620. Some of the lender may even ask for a credit score of 640.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
In order to get an FHA 203k loan, you should have a credit score of 580-620. Some of the lender may even ask for a credit score of 640.
Feel free to ask if you've further queries.
Sussane