Hello,Due to irresponsibility when I was younger, my credit is pretty bad. I've been working to fix it for the last two years and as of now, I have ZERO past due debt (all accounts show 0 balances), a car loan that has been current for 2+ years (only 4 payments left), and a consolidated student loan that has never been late. No credit cards or other revolving debt. All this comes together for an Equifax/FICO score of 608. I make $77K/year and will have $30K to put down on a $195-220K home. I am married, but my husband won't be on the loan. I would like to purchase within the next six months.Is this possible???? Thank you in advance! by redhed_603_343 from Abq, New Mexico. Oct 21st 2011
Yes, there are a few loans out there for you with a 608 score, but if your time-line is 6 months out, you have enough time to push it above 640 to qualify for all of the best programs.
Based on your target purchase price, down payment description, and the credit score you've described, you should be able to get an FHA loan from a Lender who services their own loan portfolio, of which there are still some who won't impose any pricing adjustments because of the score being below 640. If you aren't aware which lenders can do this in your market, I recommend that you try connecting with real estate agents who specialize in working with first time home buyers to ask for a lender referral as well. Best of luck!
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