Profile picture for hollyjulia

Everything is good except recent poor credit, is FHA with 50% down still an option?

My credit is below 600, and so is my husband's. His salary plus my income equals about 5 times the price of a mortgage we'd be seeking. We can put down 50%, but every site I go to won't give me any quotes based on the poor credit scores. With the 50% down, assuming the loan amount would only be about 90,000, is FHA a good way to go? What other options are there for people with enough money but bad credit? Our debts are almost nil. It's the charge-offs I've received that are hurting the credit, so it's a waiting game, not a matter of paying off debts.
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January 03 2010 - Colorado Springs
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Answers (8)

Profile picture for shapiroamg
Jan 2003!!!!

Jeepers. please let sleeping threads lie...
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July 06 2010
It seems if your income is 5 times the mortgage and your credit is bad you should just save and pay cash.   Why would one have such poor credit and so much cash on hand?   Especially with a large salary.  Give up some of your expensive habits and put money aside.  You will be surprised at how empowering that is.
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July 06 2010
I know magichouse drug up an old thread here, but how in the heck does one have $90K in the bank, but not pay one's bills.
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January 09 2010
Profile picture for MagicalHouse
Think about fixing your credit with some of the money you were going to use for the down payment. 
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January 09 2010
you need private money loan FHA with 500 scores is probably not going to happen.
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January 09 2010
Profile picture for hollyjulia
My credit score with Experian is 582. My FICO is a tad higher, but to be honest I don't know the difference between the two is when the lender is considering you.
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January 03 2010
Is your credit scores above 580?

I have lenders that will go down to 580 credit scores on fha loans.

Anthony VanDyke
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January 03 2010
Sub 600 unlikely you will get an FHA loan regardless of down payment..Particularly with recent bad credit.
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January 03 2010
 
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