Posted on: 25th May, 2010 09:08 am
I HAVE A CREDIT SCORE OF 637.
I MAKE 40,000 A YEAR AND HAVE 10,000 IN THE BANK.
WHAT PRICE RANGE SHOULD I BE IN FOR A HOUSE?
I MAKE 40,000 A YEAR AND HAVE 10,000 IN THE BANK.
WHAT PRICE RANGE SHOULD I BE IN FOR A HOUSE?
Hi adiefes,
With a credit score of 635, you will be able to qualify for a FHA loan but you won't be able to get a conventional loan. You can contact a FHA approved lender and get a pre-approval from him. He will be able to let you know the loan amount that you can qualify for:
You can even check out the given calculator in order to find out how much house you will be able to afford:
http://www.mortgagefit.com/calculators/howmuch-afford.html
Thanks
With a credit score of 635, you will be able to qualify for a FHA loan but you won't be able to get a conventional loan. You can contact a FHA approved lender and get a pre-approval from him. He will be able to let you know the loan amount that you can qualify for:
You can even check out the given calculator in order to find out how much house you will be able to afford:
http://www.mortgagefit.com/calculators/howmuch-afford.html
Thanks
The answer to your question is a simple mortgage calculation, however, no one can do it unless we know the other monthly payments, if any, on any accounts on your credit report---student loans, car loans or leases, credit cards, etc.
We can guess at what annual taxes are on properties in your area, but, you will get a better answer if you also tell us what annual property taxes are in your area
We can guess at what annual taxes are on properties in your area, but, you will get a better answer if you also tell us what annual property taxes are in your area
