Posted on: 29th Mar, 2010 09:47 pm
My wife and I want to buy a house soon, but my mid score is only 602. I make $50,000 a year & we do not have a down payment. We live in rural area and qualify for a down payment grant, but I believe we need to meet the FHA requirements of a score of 620 to apply.
Anyone have any ideas? We are building our credit and it goes up monthly, Im just worried that the requirements are going to rise faster than my score. We pay $1100 in rent right now and would love to put that towards a mortgage!
Thank you.
Boulder City, Nevada
Anyone have any ideas? We are building our credit and it goes up monthly, Im just worried that the requirements are going to rise faster than my score. We pay $1100 in rent right now and would love to put that towards a mortgage!
Thank you.
Boulder City, Nevada
Hi bryandkim,
It is true that in order to qualify for a FHA loan, you would require a credit score of 620. However, as you are trying to build up your credit score, I would suggest you to start speaking to the FHA lenders of your area and check out if you can get pre-approved for a loan. You may even speak to the lenders of this community and seek a no obligation free mortgage consultation. This will help you know whether or not you would get qualified for a loan.
Take care.
It is true that in order to qualify for a FHA loan, you would require a credit score of 620. However, as you are trying to build up your credit score, I would suggest you to start speaking to the FHA lenders of your area and check out if you can get pre-approved for a loan. You may even speak to the lenders of this community and seek a no obligation free mortgage consultation. This will help you know whether or not you would get qualified for a loan.
Take care.
620 seems to be the norm for most investors but, some will lend under 620. I would take the time to improve your credit. What's causing your scores to drop?
Thank you Theo & Sarah for your responses.
My scores are actually higher now than they have been in years. They used to be in the high 400's!!! Very bad, I know but we had some rough years and could not pay our bills. I have had a good job now for over 2 years and we have just completed a credit repair program. We were recently approved for a small credit card so we are using that appropriately to help raise our score, as well as our truck payment that has been on time for over 2 years. I think after we pull our scores next month we may go talk to a lender just to get more of an idea.
Any further advice is welcome.
PS..This is completely off subject, but how do I post a picture under my email? It keeps showing a picture of a cartoon girl & uh well Im not a girl!!!! :-)
My scores are actually higher now than they have been in years. They used to be in the high 400's!!! Very bad, I know but we had some rough years and could not pay our bills. I have had a good job now for over 2 years and we have just completed a credit repair program. We were recently approved for a small credit card so we are using that appropriately to help raise our score, as well as our truck payment that has been on time for over 2 years. I think after we pull our scores next month we may go talk to a lender just to get more of an idea.
Any further advice is welcome.
PS..This is completely off subject, but how do I post a picture under my email? It keeps showing a picture of a cartoon girl & uh well Im not a girl!!!! :-)
last things first - join the community (you're a guest now) and you can upload a picture of your own.
with that new credit card you got, charge very minimally and pay it in full when your bill arrives every month. i don't care what anyone else told you - it is not productive to pay interest. the credit card company will report your account every month regardless of whether you pay in full or carry a balance and pay interest. the interest you may pay is only profit for them, and they don't need any additional profits anyway. continue to use credit sparingly and your scores will continue increasing regularly.
with that new credit card you got, charge very minimally and pay it in full when your bill arrives every month. i don't care what anyone else told you - it is not productive to pay interest. the credit card company will report your account every month regardless of whether you pay in full or carry a balance and pay interest. the interest you may pay is only profit for them, and they don't need any additional profits anyway. continue to use credit sparingly and your scores will continue increasing regularly.
