Posted on: 06th Jul, 2010 12:41 am
i will make a long story short.... i have a school loan that 5300$, i just got off a rehabilitation program which took my loan out of default and now it show no record of the default. the loan is now in Forbearance. i am a 1st time home buyer but i want to build a house instead of buying one that is already built, the amount i am asking for is 70-100k. i dont have any other loans of cars or anything on my credit... i have a credit card with a 300$ limit in which is in good standings. my only problem is that i play basketball overseas in which my team pays the taxes on the money so i dont have a way to prove what i make accept by my contract. it is a 3 year contract and they pay me over 7 months and each year it goes up for example 1st year 100k, 2nd year 115 and the last year 135k. my credit score is 665, 666, 571 at this point. i am looking for input on my situation can anyone give me sound advice?
Hi hartjarrett,
With the credit scores that you've mentioned, you will be able to get a FHA loan. However, the lender will want to check your employment history before approving you for a mortgage. Unless you are able to show the pay stubs, it would be difficult for you to qualify for a loan.
Thanks,
Jerry
With the credit scores that you've mentioned, you will be able to get a FHA loan. However, the lender will want to check your employment history before approving you for a mortgage. Unless you are able to show the pay stubs, it would be difficult for you to qualify for a loan.
Thanks,
Jerry
if i want to build a home is the fha loan the best loan for me? are there any other loans that u think i can get?
Hi hartjarrett!
Welcome to forums!
The credit scores that you presently have will help you in qualifying for a FHA loan. If you want a conventional mortgage, then you should have a credit score of 700-720. Unless you have the required score, the lenders will not approve you for a conventional loan.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
The credit scores that you presently have will help you in qualifying for a FHA loan. If you want a conventional mortgage, then you should have a credit score of 700-720. Unless you have the required score, the lenders will not approve you for a conventional loan.
Feel free to ask if you've further queries.
Sussane