Posted on: 12th Sep, 2009 10:14 am
my husband and i have been in this 2004 dwmh from the time it was placed. my grandmother took out the loan for us because of our credit, and i have a swmh forclosure on my record from my first failed marriage. that foreclosure was reported in 2003. my score is 628, but my husband's is awful at 533.
i made an inquiry for a possible mortgage since we can prove we've made every payment on time since the home was purchased. we've paid the insurance, everything. i also have an auto loan that has been paid on time for the past 3 years. i have about $1100 in collections outstanding right now.
i was told that i could likely get an fha loan to buy the home if my score was at least 640. it's not, nor do i imagine i should include my husband's name at all since his score is so low.
i am 51% owner of a business, but am a salaried employee of that business. problem is, i pay myself very little so that i can chip away at the business debt more quickly. my husband is the primary breadwinner, but has that awful score.
my grandmother is willing to quit claim deed the half acre that the house is on if it would help. i would inherit the remaining 4 acres.
is there any hope at all? i don't have money for a down payment either, or obviously the collections would be paid to bring my score up.
tia for any help and advice!
b
is there any hope?
i made an inquiry for a possible mortgage since we can prove we've made every payment on time since the home was purchased. we've paid the insurance, everything. i also have an auto loan that has been paid on time for the past 3 years. i have about $1100 in collections outstanding right now.
i was told that i could likely get an fha loan to buy the home if my score was at least 640. it's not, nor do i imagine i should include my husband's name at all since his score is so low.
i am 51% owner of a business, but am a salaried employee of that business. problem is, i pay myself very little so that i can chip away at the business debt more quickly. my husband is the primary breadwinner, but has that awful score.
my grandmother is willing to quit claim deed the half acre that the house is on if it would help. i would inherit the remaining 4 acres.
is there any hope at all? i don't have money for a down payment either, or obviously the collections would be paid to bring my score up.
tia for any help and advice!
b
is there any hope?
Yes you cna qualify with 628 credit score for a FHA loan. Remeber credit score is not the only factor determining your eligibility for qulification.
Your employment history,
Debt to Income Ratio and
Your income also play a importanant role is qulaifying you for the loan
Your employment history,
Debt to Income Ratio and
Your income also play a importanant role is qulaifying you for the loan
To qualify for an FHA loan, you'll need to get your middle score up to 620.