Posted on: 22nd Mar, 2010 02:28 pm
need to take over mobile home loan but my credit is poor
Hi harlan,
With a poor credit, it would be difficult for you to qualify for a loan in today's market. Lenders will want you to have a good credit score and stable financial situation before they approve you for a mortgage. What type of a credit score do you have? If you want to go for a FHA loan, then you should have a credit score of 620 and if you want a conventional loan, then you need to have a credit score of 700-720. I would suggest you to improve your credit score and then look out for loans. With a good credit score, you can even expect to get a better interest rate.
Thanks
With a poor credit, it would be difficult for you to qualify for a loan in today's market. Lenders will want you to have a good credit score and stable financial situation before they approve you for a mortgage. What type of a credit score do you have? If you want to go for a FHA loan, then you should have a credit score of 620 and if you want a conventional loan, then you need to have a credit score of 700-720. I would suggest you to improve your credit score and then look out for loans. With a good credit score, you can even expect to get a better interest rate.
Thanks