When will we qualify for a VA or FHA loan? 550 credit score this june, making 45,000 a year?
I make 45,000 a year and have a 550 credit score as of June of this year, and have been on track since then (no late payments or anything derogatory) when will I realistically qualify for a VA loan or a FHA loan? What if I got a creditworthy co-signer. My bills are about $600 a month. I have no idea what to do can someone please help. by alderm from , . Jul 15th 2011
David Baker (David Baker)
#1 ranked lender in Iowa - 52 contributions
I have a lender that goes to 550 for an FHA loan. They like to see no lates in the last 6 months - not sure where you sit?
Gregorio Denny (GVDenny)
#257 ranked lender in California - 380 contributions
It is possible to do either an FHA or VA with a 550, but credit score is not the only determining factor. The reasons for the low score very well may disqualify you. Your recent performance on your accounts will play a large role in whether you qualify and the only way to know is to apply. If you are in California I can assist you with this.
Gianni Cerretani (mortgagegodfather)
#32 ranked lender in Georgia - 238 contributions
Even though these programs do exist the restrictions are high- I would recommend either rebuilding your credit or taking advantage of private lending which I have access to-credit is not an issue and stil can get rates as low as 5% 3.5% down 30 year fixed with no prepayment penalties.
Ask our community a question.
Get an answer
Related Questions
