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Credit score 617 and it 650 for FHA loan

I've been saving and hoping to buys house in July, I want my credit score to be 650ish. Since graduation college a year ago I managed to get my student loan under 18k. I have one credit card with Bank of America, I'm trying to get it under 50% and a best buy which is already under half. My question is, I'm looking at a house (short sell) for 169k I've already saved 7k and if I stay on budget ill have 10-12k by the end of July saved. It's a two family house and I really want this house. Ps. My income right now is 2700/month pretax. Is this doable or am I fool to want to buy a house with the little I have?
  • March 15 2013 - Providence
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Answers (4)

Your best bet would be to talk to a loan officer and have him/her go over their thoughts, Many loan companies may give you tips to drive the score up faster, Also with a multi family they "add" the rental income to your income which usually makes people qualify for more $$ then they would for a single family..Find a mortgage broker you trust and they will be able to review your credit with you and offer their advice

Good luck!!
  • March 26 2013
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Zillow offers the ability to research many loan officers part of this great network!  If you scroll through the Find a Pro section, you can view the profiles of MANY loan officers and see who might be a good fit.  Otherwise I might also suggest browse the profiles of agents specializing in the area you are looking to be in, they can also give you names & numbers of many loan officers that can help you that they trust!  I hope this helps!
Have a fantsatic evening!

Erin DIaz, Broker - Owner
Beaches & Backroads Realty
  • April 06 2013
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It's definitely a great question and one you should take directly to a local lender nearby where you live.  They will take all of your pertinent info and within hours, be able to tell you if it's possible or not.  Good luck! :) Janice
  • April 06 2013
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Your income is too low to afford a house worth $169K with only a down payment of 6%. Your monthly payment would roughly be $1,000, which is about half of your net income. A lender won't let you qualify for a home woth $169,000.
I would save up until you can put 20% down or go with a home in a smaller price range. Search online for a Home Affordability Calculator for a better idea of what you can afford, or better yet contact a local lender and he/she can tell you everything you need to know in a 10 minute phone conversation. Good luck.

  • April 06 2013
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