Posted on: 19th Nov, 2012 11:42 pm
The house is valued 317k. It is a beautiful 7br and 4 b + media room. We have a combined income of 183k. My credit as of 3 days ago EQ Fico was low, 600. I have 4 negatives from medical bills. I have credit card debts as well. Don’t know her score only FICO score is 649 she have 0 negatives. This is first time home and we don’t have any BK. We also have a Down payment of 25k. Do you think we have any chances?
With the credit scores that you and your spouse/partner have, both of you will be able to qualify for a FHA loan. You should contact the local lenders and apply for the FHA loan. There are chances that you will be able to qualify for the mortgage but the lender may ask you to explain the negative items as listed in your credit report.
Did you pull a credit report for a mortgage or a consumer credit report? These reports vary greatly most of the time. We offer programs for borrowers who have under a 620 score but the rates will be higher and if you middle scores are below 599, and 10% down payment is required. Feel free to contact us to discuss you mortgage scenario, we are available 7 days a week and lend nationwide.
As Lucie said there are different credit scores for mortgages and consumer reports. Your success will be determined by the mortgage score.
Assuming the scores remain the same, getting your score to 620 (rates and fees are better at the point) shouldn't be too difficult nor take too long.
Consult a local lender for your options.
Good luck!
Assuming the scores remain the same, getting your score to 620 (rates and fees are better at the point) shouldn't be too difficult nor take too long.
Consult a local lender for your options.
Good luck!
Thank you all for your opinion!! :)