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203k Loan

I have been paying out of pocket for repairs on home where the owner was going to allow me in stay in for free, but now she has offered to sell it to me for 40k, however it still needs approximately $20k in repairs. I had an independent appraisal and the home values at 115,100. Can anyone offer advice on whether or not I would likely qualify for a 203k loan with the following: Equifax FICO 692 Transunion FICO 701 Experian FAKO/PLUS 544 Current Job 1 1/2 years, but 6 years with previous employer No rental history for the last 7 years as moved back home for financial reasons No credit cards nor revolving accounts. Only have car note for last 3 years with only 2 lates in Aug n Sept 2010
  • March 03 2012 - Rocky Point
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Answers (2)

The 544 score would concern me a little and why is is so much lower than the other scores.  Other than that based on the limited info you have provided you would in fact be eligible for 203K financing.
  • March 03 2012
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The 544 score would concern me a little and why is is so much lower than the other scores.  Other than that based on the limited info you have provided you would in fact be eligible for 203K financing.
  • March 03 2012
  • 0Yes

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    Content flagged

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