My credit score is 568 and my soon-to-be husband's is 572 is it possible for us to get a home loan?
I have some accounts in collections which I am about to take care of and so does my fiance. We have enough money saved to make a 10% down payment on a home in our price range but my fiance had a foreclosure about two years ago due to a divorce. The only thing we seem to have going in our favor is that he has been at the same job for 16 years now. Is it even possible for us to get a home loan with this kind of a situation or is it an unreasonable dream for the next few years? by Urumi1111 from Bellingham, Washington. Mar 11th 2013
Michael Bardy (LendingPro)
#24 ranked lender in Ohio - 72 contributions
Foreclosure will typically prevent you from obtaining approval for a minimum of 3 years (FHA) and 5 years (Conventional). That in itself will make buying a home unlikely for you at the present time. The second hurdle will be credit score. 99% of all lenders today are requiring a 620 score to obtain approval. So a little bit of time and a little bit of work on the credit file will be needed to move forward with your goal.To me it sounds like a good plan would be to start with the accounts in collections and get those paid and out of the way. That will help your score and also eliminate the possibility of a judgment in the future. If you have any credit cards with balances, I would get to work on those as well. A year goes by quick. Congratulations on the engagement!
Joe Metzler (JoeMetzler)
#17 ranked lender in Minnesota - 4,848 contributions
Your current credit scores and recent foreclosure will prevent you from obtaining a new loan today regardless of down payment size. Forget about buying a home today, and focus of repairing credit. Once the foreclosure is over 3 years old, then you can go to a local mortgage broker to see if you are ready to buy again.
Peter Savino (855411LEND)
#99 ranked lender in New Jersey - 332 contributions
Find a credit counsler and work with them to repair your credit while waiting for the foreclosure history to pass the required amont of time. if you contact me I can refer you some. www.HOMEMORTGAGEXPERT.com
Michelle Curtis Loan Originator NMLS 401173 (MichelleCurtisLO)
#77 ranked lender in Florida - 2,245 contributions
The credit is doable, but the foreclosure will prevent you from buying for at least three years from the date the deed was transferred out of his name. Call us or email us at 201-962-3555 or Team@BestMortgageOption.com for ano cost no obligation analysis of your situation.Ask for Michelle or Benny We will find the Best Mortgage Option to suit your needs!You can check us out at www.BestMortgageOption.com
Joe Shamie (Joe Shamie)
#4 ranked lender in New Jersey - 1,412 contributions
We havea min FICO requirement of 640
Christopher Stancato (Kyle Stancato)
#2 ranked lender in Washington - 64 contributions
It is Kyle here in Tacoma. I see plenty of great answers already. I had poor credit like yours myself and I was able to get it all the way to 680 in 6 months if you would like some help. Take care,Kyle StancatoBayview Home LoansMB 69374(253)460-6000(888)382-4050www.bayviewhomeloans.com10909 Portland Ave. E Ste. STacoma WA, 98445
Christopher Stancato (Kyle Stancato)
#2 ranked lender in Washington - 64 contributions
Plenty of great answers below. If you would like help with your credit I can help. I had to do the same with my credit. I was able to get my score up to a 680 in 6 months. Take care,Kyle StancatoBayview Home LoansMB 69374(253)460-6000(888)382-4050www.bayviewhomeloans.com10909 Portland Ave. E Ste. STacoma WA, 98445
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