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have a combined score of around 560 combined income is around 90K. Chance of mortgage approval???

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August 17 2009 - Levittown
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Mathew-you have a lender that will do an FHA loan up to 99.5% with a 560 credit score?  I would love to know who it is...care to share?
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August 17 2009
Yes it is possible.

The last comment was correct in saying that most FHA lenders require a FICO score of 620. However, it IS possible to get FHA financing with low or no credit history (would need to establish non-traditional lines), and with a CLTV as high as 99.5% up to a loan amount of $729,000.

There are income levels you cannot exceed depending on where you live and your debt coverage cannot exceed 43%, but it is possible.
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August 17 2009
Profile picture for wetdawgs
Very very tiny chance unless you are eligible for a VA loan.

Do you have enough saved up for a huge (as a percent of home value) down payment?   Say 50%?

This is the time to get a thorough understanding of why your credit score is so low, and make some changes to get it up to a respectable level.   FHA loans are available with a score of 620 to 640.  Conventional loans need it to be more in the 700s.    The lower the score (if it meets minimums), the higher your interest rates.





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August 17 2009
 
Related Questions
have a combined score of around 560 combined income is around 90K. Chance of mortgage approval???
Profile picture for Kelly Lacey
Latest answer by Kelly Lacey
August 17 2009 | 3 answers
  • Asked by Trish1986
  • In Mortgage
  • August 17 2009
Is there any truth to being able to get a FHA mortgage for 40 yrs?
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Latest answer by srberbe
May 04 2009 | 3 answers
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