Posted on: 17th Feb, 2010 08:44 am
Hello, I am trying to obtain a mortgage for a mobile home in NJ. I am having no luck due to my credit score. My credit score is a 600. Would someone please help in assisting me?
Thank you,
Barbara S. Hannon
Thank you,
Barbara S. Hannon
Hi,
In my opinion you have to apply for FHA( Federal Housing Administration) Loan. But you have 600 credit score you have up it by more 20 points.
FHA loan need 620 credit score. Keep it up to credit score. You have to meet other requirements of lender. Such as good credit history, recent bank statements, etc.
Thanks & Regards.
gunz.ijjistaff :lol: :lol: :lol:
In my opinion you have to apply for FHA( Federal Housing Administration) Loan. But you have 600 credit score you have up it by more 20 points.
FHA loan need 620 credit score. Keep it up to credit score. You have to meet other requirements of lender. Such as good credit history, recent bank statements, etc.
Thanks & Regards.
gunz.ijjistaff :lol: :lol: :lol:
Hello,
I'm in NJ and the lenders that underwrite loans with credit under 620 will only allow for single family homes unfortunately. If you are at a 600 then you are not too far off and there may be things on your credit you can pay off or down, which will allow you to boost your score the additional points to qualify. Depending on your debts and/or balances on credit and your financial situation, it may be beneficial to do this. I hope this helps...
I'm in NJ and the lenders that underwrite loans with credit under 620 will only allow for single family homes unfortunately. If you are at a 600 then you are not too far off and there may be things on your credit you can pay off or down, which will allow you to boost your score the additional points to qualify. Depending on your debts and/or balances on credit and your financial situation, it may be beneficial to do this. I hope this helps...
agreeing with JK here...if lenders are conservative and not interested in working with folk whose scores are below 620, the thing to do is to work on the underlying causes and bump that score as quickly as you're able.
