Posted on: 29th Mar, 2010 02:09 pm
I'm currently selling my home in NJ and would like to purchase in NY. However, my credit rating is below 600 and even though I will be gaining $18,000 per year by moving, and would be putting down at least 20%, I'm having difficulty finding a mortgage.
Hi bkb!
Welcome to forums!
As your credit score is below 600, it would be difficult for you to qualify for a loan - whether FHA or conventional. You should have a credit score of at least 620-640 in order to qualify for a FHA loan and for conventional loans, you would require a score of 720. Though you put down 20%, lenders will not be ready to give you a loan if you don't have the required credit score.
You can check out the given page in order to know some steps to improve your score:
http://www.mortgagefit.com/credit-rating/credit-repair.html
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
As your credit score is below 600, it would be difficult for you to qualify for a loan - whether FHA or conventional. You should have a credit score of at least 620-640 in order to qualify for a FHA loan and for conventional loans, you would require a score of 720. Though you put down 20%, lenders will not be ready to give you a loan if you don't have the required credit score.
You can check out the given page in order to know some steps to improve your score:
http://www.mortgagefit.com/credit-rating/credit-repair.html
Feel free to ask if you've further queries.
Sussane
What's causing your scores to drop? Most lenders require a minimum score of 620 but, if you search hard enough; you find lenders that will finance below that.
As Ted noted, if you shop enough you should be able to find a lender for credit score below 600 (how far below?) and a 20% down payment.
They exist, but, are difficult to come by. You asked the question on this forum and there are a lot of mortgage loan officers who read your question and while we suggest such a lender exists, we appear to not be able to refer you to any specific one.
They exist, but, are difficult to come by. You asked the question on this forum and there are a lot of mortgage loan officers who read your question and while we suggest such a lender exists, we appear to not be able to refer you to any specific one.
