Posted on: 10th Aug, 2009 10:47 am
Hello, I guess I should give a bit of history before asking my question. I have previously purchased a home that was foreclosed on, also had a repo on my credit, though both are from 2001. My mother offered to co sign on a home loan so I can purchase a house for my family to live in as the home we're renting is nearing the end of the foreclosure process. My credit score is currently around 580, and of course my mothers is much better, somewhere in the 700's. I have no credit cards or expenses other than normal utilities. I have also been at my place of employment for over 5 years, and I work for a state prison, so I have pretty decent job security. Can I possibly get a loan for a home?
it will be difficult. as minimum 620 credit score is required to qualify for FHA loan. you can improve your credit score & then apply for it
indeed...with a score of 580 you are unlikely to gain favor with too many mortgage lenders. there appears to be a pocket of lenders out there who'll work with scores that low, but i suspect those loans would be quite a bit more expensive than your average fha loan.
if you can take steps to improve your score in the immediate future, to attain the 620 that virtually all lenders require, you'll stand a much better chance to obtaining the loan.
if you can take steps to improve your score in the immediate future, to attain the 620 that virtually all lenders require, you'll stand a much better chance to obtaining the loan.
