Posted on: 15th Dec, 2013 11:19 pm
I want to buy a foreclosed home which I really loved. At present, I make around $30,000 a year. My credit score is 580 and I am a single mother. Please let me know how I can qualify for a mortgage.
Hi VVP,
580 is quite a low score. In such a situation, it will be better if you could take steps to improve your scores and then look out for a mortgage. If you have a score of 620+, then it will be easier for you to get a FHA mortgage.
Thanks,
Jerry
580 is quite a low score. In such a situation, it will be better if you could take steps to improve your scores and then look out for a mortgage. If you have a score of 620+, then it will be easier for you to get a FHA mortgage.
Thanks,
Jerry
Hi VVP!
Welcome to the forums!
Jerry is right in saying so. But again, there might be some lenders who may offer you a FHA loan even with a credit score of 580. However, the interest rate for such loans will be quite high. So, you should shop around more in order to find out such a lender.
Feel free to ask if you have further queries.
Sussane
Welcome to the forums!
Jerry is right in saying so. But again, there might be some lenders who may offer you a FHA loan even with a credit score of 580. However, the interest rate for such loans will be quite high. So, you should shop around more in order to find out such a lender.
Feel free to ask if you have further queries.
Sussane
Try to improve your credit score at first. This will enable you to get a mortgage loan at suitable terms and conditions and at an affordable rate of interest.