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Mortgage Community Forums | Loan Talk for First Time Home Buyers | I HAVE A CREDIT SCORE OF ABOUT 580 AND MY PARTNER WHO IS BUYING THE HOME WITH ME HAS A CREDIT SCORE

I HAVE A CREDIT SCORE OF ABOUT 580 AND MY PARTNER WHO IS BUYING THE HOME WITH ME HAS A CREDIT SCORE

Posted on: 12th Jun, 2009 02:29 pm
OF 670, DO WE HAVE A SHOT OF BUYING A HOME THAT IS 78,000? WE HAVE THE 10% DOWNPAYMENT AND OUR JOBS (ALTHOUGH NEW) PAY MORE THEN ENOUGH TO AFORD THE MONTLY MORTGAGE WITH EVEN AT 15 YEARS 10%INTEREST WOULD COME OUT TO UNDER 500 DOLLARS? ANY ADVICE WOULD BE GREAT- PLEASE SEND TO JZCLAPP@AOL.COM THANK YOU!
Hi, Are you in a hurry to purchase this house? 670 is good enough for an FHA loan. I have heard of lenders going as low as 580-600 but the fha min score is 620. If you pay down a few bills you can get your score in the 620 range pretty fast. In how long are you trying to purchase this house?
Garysnober
Posted on: 12th Jun, 2009 03:58 pm
Your partner should get the mortgage solely and you will be fine.
eric1
Posted on: 12th Jun, 2009 07:32 pm
JZ, I do not want you to get mis-led. You stated you have enough income, yet your jobs are both new. That will be an issue if there is no work history. You will not qualify just because your income NOW works. You will be required to show your last 2 years tax returns and 2 most recent pay stubs. If you are able to supply this AND your income is sufficient based on that you should be ok. I hope this helps...
JKennedySLG
Posted on: 12th Jun, 2009 08:40 pm
JZCLAPP

Welcoemto the forum

I woudl suggest you to work on your credit score before goign for a loan

It is easy to improve your score quickly if you follow some of the guidelines on this forum and pay your bills on time and any pending payments

good luck and feel free to ask
Realgeni
Posted on: 12th Jun, 2009 09:10 pm
Yes i still recommend working on the credit first and bumping it up to 620 then going from there.
Garysnober
Posted on: 13th Jun, 2009 12:25 am
I think your credit score is good enough to move forward
sunil87020
Posted on: 13th Jun, 2009 09:23 am
As everyone suggested 620 is minimum credit score required for qualify for fha loan.
So go ahead.
sunil87020
Posted on: 13th Jun, 2009 09:25 am
Just not clarify the guest has credit socre of 580 and that is not sufficient to get a FHA loan.

Minimum required is 620
Realgeni
Posted on: 13th Jun, 2009 06:34 pm
JKennedySLG is on point.
Anonymous
Posted on: 16th Jun, 2009 07:24 am
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