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Answers (5)
- Robert Lowery, "Bob Lowery"
- Contributions:2097
More spam and self-promotion, Jori!
- Jori Stern, "fha600"
- Contributions:12
600 is not too low for a mortgage in Ohio
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- 1loddie
- Contributions:13
I would say go to Equifax.com and pull his credit off the computer. Dispute everything and check it again in 2 months. Remember, you can dispute online. It is quicker this way. These may be older debts and it will help polish his credit in the future. See what happens. Then I would take another year to help the score while trying to get bad info off. As far as the rental goes, $50 is not too high. You might be able to cut expenses elsewhere at least until you guys are ready to buy. Remember, the home buying process is a series of checks and balances. You must have the credit fized BEFORE you apply. Applying and then getting rejected may push the score lower, something you can avoid altogether if you take the right steps. Good Luck!
- paul weinzimmer, "FHAPAUL"
- Contributions:128
I sounds like you guys might need to stay as renters for right now, but I sell loans, not life advice.
If you really want to buy a place you can do it with a 600 middle score in Ohio. AFR has a sub 620 program that requires 12 months of canceled rent checks to qualify. You will need $2800 down plus another $3000 for closing costs.
Hope this helps
Paul
If you really want to buy a place you can do it with a 600 middle score in Ohio. AFR has a sub 620 program that requires 12 months of canceled rent checks to qualify. You will need $2800 down plus another $3000 for closing costs.
Hope this helps
Paul
- wayne lancaster, "funds2"
- Contributions:1177
This is not the answer you wanted to hear, but I would strongly suggest that you stay in the rental property for at least another year. Use that time to work on your finances, increasing his credit score, and saving as much as you can. Not aware of your rent payment but it is important that you save at least the difference between that amount and $700 mortgage payment. Owning a home adds other expense that you will not incur as a tenant, so it is imperative that you also have reserves. Home ownership is a good goal to work towards, but being financially prepared is critical to it being a long term event.
With that said, it is unlikely that you would be approved at the present time ( and that is for your benefit and lenders) but time will improve your chances as your finances improve.
With that said, it is unlikely that you would be approved at the present time ( and that is for your benefit and lenders) but time will improve your chances as your finances improve.
Is a score of about 600 to low for a FHA loan in Ohio?
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