Posted on: 28th Nov, 2009 10:56 pm
My fiance and I would like to get a mortgage for $120,000, but both of us have credit issues. My credit score is only 620. I don't know my fiances score but his credit report has nothing on it. He has been employed for about a year and a half at his current job. We make a total of $3800 gross a month.
Hi Lucy,
Welcome to the Forum.
your credit score is sufficient. a lot depends upon your debt to income ratio. you can check it yourself using calculator available on this forum
Welcome to the Forum.
your credit score is sufficient. a lot depends upon your debt to income ratio. you can check it yourself using calculator available on this forum
Your score is fine but your income may be an issue depending upon what the taxes are on the property.
One more thing...
I would check out the various calculators referenced here on this site at the top right of your screen. You can figure out whether you qualify
Or, you can download this free calculator ["http://www.dreamhomefinancing.com/Calculator.aspx"] and keep it offline.
[Link deactivated as per forum rules. Thanks.]
I would check out the various calculators referenced here on this site at the top right of your screen. You can figure out whether you qualify
Or, you can download this free calculator ["http://www.dreamhomefinancing.com/Calculator.aspx"] and keep it offline.
[Link deactivated as per forum rules. Thanks.]
if you don't have huge credit card or other debts you should be able to get your loan - good luck!
you can also do a test run on a few of the online mortgage or refinance sites. they will let you apply for a loan and you'll soon find out whether or not you can get one.
you don't need to actually take out a loan with them, but they will do all the checks a normal lender would so you'll get a feel for the process.
you can also do a test run on a few of the online mortgage or refinance sites. they will let you apply for a loan and you'll soon find out whether or not you can get one.
you don't need to actually take out a loan with them, but they will do all the checks a normal lender would so you'll get a feel for the process.