Posted on: 24th Nov, 2011 08:29 pm
Over the past 1 year, I have tried rebuilding my credit so that I can purchase my a condo. Presently my scores are EQ: 610, EX: 565 and TU: 660. I was 105 days late in 2007 on a closed credit card. 1 paid collections are also mentioned which I am working on. Apart from this, I have 3 open credit cards on which I have never been late. I also have 1 up-to-date student loan. I also have a car loan which I have been regularly paying off. I have a stable job with no gap in employment. My gross income is about $60K. Will I be able to qualify for a mortgage?
Hi Knowles!
Welcome to forums!
As far as your debts are concerned, you are in a good standing. But your present credit score is still not enough for you to qualify for a conventional loan. You can apply for a FHA loan and check out if the the FHA approved lenders can give you a loan. There are chances that you may qualify for a FHA loan with the credit scores that you have.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
As far as your debts are concerned, you are in a good standing. But your present credit score is still not enough for you to qualify for a conventional loan. You can apply for a FHA loan and check out if the the FHA approved lenders can give you a loan. There are chances that you may qualify for a FHA loan with the credit scores that you have.
Feel free to ask if you've further queries.
Sussane
Hello knowles,
There are many different programs to help you get a mortgage even if you have bad credit. You are likey to pay a higher rate for your mortgage but there are mortgage brokers who can help you to qualify.
:idea:
There are many different programs to help you get a mortgage even if you have bad credit. You are likey to pay a higher rate for your mortgage but there are mortgage brokers who can help you to qualify.
:idea:
Besides your credit scores, the condominium needs to be FHA approved if you intend to use an FHA mortgage.
For a conventional mortgage, the condominium needs to be an approved condominium project also.
For a conventional mortgage, the condominium needs to be an approved condominium project also.
