Posted on: 05th Jun, 2009 07:10 pm
Can I get a mortgage of 300k with a fico score of 560.
Hi jmars, with a score of 560 you will not get a loan for any amount. Best thing to do is get your score to 620 then you can go for an fha loan. Hope this helps thanks.
Hi jmars,
Considering the downturn that the current economy is facing, a minimum of 620 credit score is a must these days to qualify for a loan. In the present market scenario, a score of 560 is too low for you to get a loan. You need to improve it as much as possible and try and take it to somewhere around 620 in order to be able to get a loan.
Considering the downturn that the current economy is facing, a minimum of 620 credit score is a must these days to qualify for a loan. In the present market scenario, a score of 560 is too low for you to get a loan. You need to improve it as much as possible and try and take it to somewhere around 620 in order to be able to get a loan.
Hi jmars,
Welcome to our forum. :D
The requirements for get FHA ( Federal Housing Administration ) is Mentioned below.
1} 620+ fico score is required to get FHA. This is mostly important in loan Approval.
2} You must have to make 3.5% Down payment of loan amount.
3} You have to show your latest bank statements.
4} Other local rules will be applied.
You cannot get FHA with 560 Fico Score.
You must have improve your credit score to get loan from lender.
Thanks & Regards,
****************
gunz.ijjistaff. :lol: :lol:
Welcome to our forum. :D
The requirements for get FHA ( Federal Housing Administration ) is Mentioned below.
1} 620+ fico score is required to get FHA. This is mostly important in loan Approval.
2} You must have to make 3.5% Down payment of loan amount.
3} You have to show your latest bank statements.
4} Other local rules will be applied.
You cannot get FHA with 560 Fico Score.
You must have improve your credit score to get loan from lender.
Thanks & Regards,
****************
gunz.ijjistaff. :lol: :lol:
As everyone suggested your fico score should be minimum 620.
But you and select cosigner whose fico score is more.
This will help you out
But you and select cosigner whose fico score is more.
This will help you out
There are some banks that will work with scores less than 620 as long as you meet other compensating factors such as...
1. Low debt to equity ratios
2. High down payment/low LTV
3. No prior mortgage lates
4. Steady work history
I do NOT recommend using a co-signer as sunil suggests.
1. Low debt to equity ratios
2. High down payment/low LTV
3. No prior mortgage lates
4. Steady work history
I do NOT recommend using a co-signer as sunil suggests.
why not co signer recommended any specific reasson for it? can you explain it will help me to update my knowledge.
Thanks in advance.
Thanks in advance.
Sunil,
First of all, your suggestion of a co-signer does NOT help with the credit score issue. Even if you get a co-signer, the lower score between jmars and the co-signer would be used.
Second of all, too often things turn sour when a co-signer is involved. The person who does the co-signing does not really understand the full impact of that decision. Just read the posts on this forum and see how many people (co-signers) are now trying to get their names off of a loan because the person they signed for is not making the payments. It is a disaster.
First of all, your suggestion of a co-signer does NOT help with the credit score issue. Even if you get a co-signer, the lower score between jmars and the co-signer would be used.
Second of all, too often things turn sour when a co-signer is involved. The person who does the co-signing does not really understand the full impact of that decision. Just read the posts on this forum and see how many people (co-signers) are now trying to get their names off of a loan because the person they signed for is not making the payments. It is a disaster.
Hi, I completely agree with eric1 as co signing a loan is just setting your self up for trouble.
Oh and either way even if the co signer had a fico score of 620+ jmars score is not high enough for him to get on the loan.