Posted on: 02nd Oct, 2012 01:14 am
I am looking to buy a house which I have been renting for almost 2 years now and never been late on any of my payments. The problem that I am faced with is my credit score is 560. This is because I lost my business four years ago and fell back on cc payments. If there is anyone who knows of any companies that are lending fha please help. Any info is greatly appreciated.
With a credit score of 560, you won't be able to get qualified for a FHA loan. You should have a credit score of at least 620 to get a FHA loan. This is the requirement of the local FHA lenders. Thus, I will suggest you to take steps in order to improve your credit scores and then apply for a loan.
Though no minimum credit score has been stipulated by the federal government to offer FHA loans, but a minimum credit score of 620 is charged by the private lenders to offer FHA loans. So, you must put in efforts to improve your score.
Hi Terry,
Check out the given page to know some steps to improve your credit scores: http://www.mortgagefit.com/credit-rating/credit-repair.html .
Thanks
Check out the given page to know some steps to improve your credit scores: http://www.mortgagefit.com/credit-rating/credit-repair.html .
Thanks