Replies (11)
- Timothy Sutherland, "SunTrust"
- Contributions:619
As you've noticed, not everyone requires a 620. Our cutoff is 600 and it looks like some on this site will go down to a 580.
- Voyage Home Loans
- Contributions:67
You should be able to get approved with an FHA loan as long as your credit is above 580.
- Robert Benham, "Robert Benham"
- Contributions:813
Hi Tweety. Call Jim at the link below. 3.5% FHA Purchase loans down to 580 so long as you can prove a 12 month paid on time rental history.
Good luck!
http://www.zillow.com/profile/jimmyjablonski/
Good luck!
http://www.zillow.com/profile/jimmyjablonski/
- Liberty Mortgage
- Contributions:470
Since your income is quite substantial, I would wait until your credit score is a 620 minimum- Do not bother getting a loan with a score below that as rates and fees are through the roof. Call any reputable lender from Zillow and have them run your credit. They can then go to their credit bureaus and run what if scenarios to see how to get your score to above a 620. The what is scenario's cost $10 per bureau so you are only looking at around $30 - Well worth it in my opinion as that will save you thousands over the long haul.
- BungalowMo
- Contributions:248
You can get those paid collections removed legally, and thus, raise your scores. Google "whychat HIPAA" and you will see that users info on the entire process. I've sent that info to many folks and it's been proven to work.
Remember, the cleaner your report, the higher your FICO's & the lower the Int rate.
My constant advice...clean up then buy. I have been reading up on this process for years & am a total "FICOholic"!! Go to the myFICO forum & those folks are the BEST!
Remember, the cleaner your report, the higher your FICO's & the lower the Int rate.
My constant advice...clean up then buy. I have been reading up on this process for years & am a total "FICOholic"!! Go to the myFICO forum & those folks are the BEST!
- Tony Gim, "tonygim"
- Contributions:158
The simple solution is to spend 8+ hours mastering all of the information available on FICO scores. Then do what is necessary and get a "rapid rescore". It may be easier than you think but I assure you it cannot be done without spending a tremendous amount of time. It is not that hard but rather time consuming. The credit Technologies website will give you a good start. Just remember, you need to become an expert on the methodology of what moves FICO scores. It simply takes time and concentration.
- BungalowMo
- Contributions:248
Here's the breakdown of FICO scoring...
-35% affects Payment History - Time or GW letters are the answer here
-30% affects Utilization - keep your total revolving limit under 9%
-15% affects Established History - The older your history the better
-10% affects Inquiries - apping for new credit hurts. Keep inq's at the
minimum. FICO only scores the last 12 mos
-10% affects Mix of Credit - Store charge cards, Major credit cards,
auto loans, etc.
The formula isn't that hard...or hard to find. It's on several websites.
-35% affects Payment History - Time or GW letters are the answer here
-30% affects Utilization - keep your total revolving limit under 9%
-15% affects Established History - The older your history the better
-10% affects Inquiries - apping for new credit hurts. Keep inq's at the
minimum. FICO only scores the last 12 mos
-10% affects Mix of Credit - Store charge cards, Major credit cards,
auto loans, etc.
The formula isn't that hard...or hard to find. It's on several websites.
- Christine Hynes, "LoanModSpecialist"
- Contributions:543
Not all banks need a 620, you just need to check around a little.
- Broker In Palmdale
- Contributions:52
with income so high and debt so low you should have no problem putting 25-35% down and easily get approved for a mortgage.
- toddm11
- Contributions:7
I am in a similar situation. As of this year I begin earning $535k annually with a credit score below 650 due to a short sale last year prior to my income spike. (was at 120k then promoted to VP)
We have Zero credit card debit, one car payment (under 300) and a car lease payment that my employer compensates me for.
We have no other debit, 44k in money market, 30k in checking.
Any thoughts?
We have Zero credit card debit, one car payment (under 300) and a car lease payment that my employer compensates me for.
We have no other debit, 44k in money market, 30k in checking.
Any thoughts?
- GayPowell9
- Contributions:9
my crdit scour is low be I won my own busines painting fence and barn for horse farms in Lexington, ky I want to buy a home where can I go for a loan
home loan with high income and low credit score
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