Posted on: 31st Oct, 2013 02:31 am
Hello there... My wife and I are ready to buy a property. But we have a score of 615 and 640. Will we be able to qualify for a loan?
Hi Guest,
You can check out the option of FHA loans. Conventional loans may not be available with this credit score.
Take care
You can check out the option of FHA loans. Conventional loans may not be available with this credit score.
Take care
Welcome Guest,
I agree with what Sara has said. You should get in touch with the local FHA lenders and apply for a mortgage with them.
I agree with what Sara has said. You should get in touch with the local FHA lenders and apply for a mortgage with them.
You might also qualify for a VA loan if either of you is a Veteran. Also, another option is to ask if the lender can tell you what to do to bring your scores up .... I have the ability to pull reports that will outline what actions will bring up your score and by (approximately) how much. You would be surprised how little is often involved in bringing scores up significantly. I hope this helps.
With the credit score that your wife and you have, both can qualify for a FHA loan. Get in touch with the lenders to take out an FHA loan.
Conventional lons require a minimum credit score of 620.
FHA loans reguire a minimum score of 620 to qualify for the minimum down pyment of 3.50%.
For FHA, there are a handful of lenders who allow a credit score down to 580, but, the minimum down payment is 10% and the rate is higher.
You need to get the 615 credit score above 620 unless you have 10% down payment and good incomes to cover the higher payments due to higher rates
FHA loans reguire a minimum score of 620 to qualify for the minimum down pyment of 3.50%.
For FHA, there are a handful of lenders who allow a credit score down to 580, but, the minimum down payment is 10% and the rate is higher.
You need to get the 615 credit score above 620 unless you have 10% down payment and good incomes to cover the higher payments due to higher rates
