Posted on: 24th Feb, 2011 10:18 am
I have below 600 credit score with High Income, fiancee has 750 credit score with less than 15,000 verifiable Income. How will this be assessed when attempting to buy first home?
Mortgage qualifying uses the lowest middle score of all borrowers.
If you are one of the borrowers, the credit scores used will be 600.
There are some, not many, lenders who do FHA mortgages with scores below 620. The maximum FHA mortgage would be dependent on which county the property is located. Your incomes may have you looking for mortgage that could be higher than county maximum.
If you are one of the borrowers, the credit scores used will be 600.
There are some, not many, lenders who do FHA mortgages with scores below 620. The maximum FHA mortgage would be dependent on which county the property is located. Your incomes may have you looking for mortgage that could be higher than county maximum.