Posted on: 26th May, 2009 10:57 am
first home loan
Hi namesquita!
Welcome to forums!
You need to have a good credit score and stable income in order to get a loan. For FHA loans, you would require a credit score of 620 whereas for conventional loans you should have a score of 700-720. Apart from this, the lender will go through your credit report to check out the other negative items on it.
I would suggest you to contact some of the lenders and check if you can get pre-approved for a loan. You can also speak to the lenders of this community and seek a no obligation free mortgage consultation from them. This will let you know whether you would get a loan or not.
Feel free to ask if you have a further query.
Sussane
Welcome to forums!
You need to have a good credit score and stable income in order to get a loan. For FHA loans, you would require a credit score of 620 whereas for conventional loans you should have a score of 700-720. Apart from this, the lender will go through your credit report to check out the other negative items on it.
I would suggest you to contact some of the lenders and check if you can get pre-approved for a loan. You can also speak to the lenders of this community and seek a no obligation free mortgage consultation from them. This will let you know whether you would get a loan or not.
Feel free to ask if you have a further query.
Sussane