Posted on: 22nd Feb, 2013 12:39 am
My wife wants to buy her dream house. She has been working quite hard to improve my score in order to get the home valued at 159,900. She has paid off various collection accounts and got them deleted off my credit report. We are waiting on the most recent one to be deleted the first of March. So that should make the score go up more. I make around 32,000 and have about 19,000 of debt which include a car loan with a balance of 17,000. If anyone has some positive information for me please share it. I need some advice for FHA and USDA loans as well.
Hi Manenqueen,
You haven't mentioned what your present score is like. In order to get a FHA loan or a USDA loan, you will require a minimum score of around 620-640. Once you attain this score, you can start applying for a mortgage with your local lenders.
Thanks,
Jerry
You haven't mentioned what your present score is like. In order to get a FHA loan or a USDA loan, you will require a minimum score of around 620-640. Once you attain this score, you can start applying for a mortgage with your local lenders.
Thanks,
Jerry
Apart from credit score, you are also required to fulfill other criteria related to income, employment history, assets, DTI, down payment capability etc so as to get approved for the loan.