Posted on: 29th Aug, 2009 08:23 pm
My husband's credit rating is 525 and mine is 517. We are attempting to buy a house on a short sell, but also need a low down payment. Our combined income is approximately $120,000 a year. We have lived in the home for over two years and have never had a late payment. We expect the mortgage payment will be less than the rent we are currently paying. Do you think you can help?
With this credit score it is really difficult to to get any kind fo loan. Even thoguh you have good income, you need to work on improviong your credit score
Even FHA requires minimum of 620 with 3.5% of down payment
Even FHA requires minimum of 620 with 3.5% of down payment
You are incorrect. FHA theoretically has no minimum credit score. The 620 you mentioned is an investor restriction. I know of two lenders that will go down to a 550 and another that will go as low as 530. Lots of restrictions on these types of loans though
Good luck getting some oen qulified for a loan with such a low score
Especially in this market!!
Especially in this market!!
Before saying someone is going to qualify based on that credit score, lets first find out why the scores are that low. There are lenders who will allow for a lower credit requirement, but the deal must make sense. You'll need a bunch of compensating factors and great explanations for any derogatories within the last 12-24 months. I hope this helps...
Thanks JK
Are any local lender helps in such situation?
thank you james for bringing a little sanity to the discussion. i also believe that it will be an awfully difficult sell for people with scores that low to be qualified and approved for a mortgage, regardless of income.
George,
Whats was INSANE about the discussion before JK posted!!!
Whats was INSANE about the discussion before JK posted!!!