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Answers (3)
- Frank Shaw, "Under640FicoScoreLns"
- Contributions:79
Yes, if your score is between 500-579 then 10% down FHA, fico score above 580 qualifies for FHA financing or even No fico score with alternative credit. Under 620 fico, you can't have any 30 day lates in the last 12 months although depends on the situation. BK 2yrs, Foreclosure 3yrs although I have gotten exceptions with BK 1yr+ and foreclosure 2yrs+ with extenuating circumstances. I do credit repair at no cost and it takes 45 days but there are many credit repair companies out there quicker for $. If you have collections that are older than 1 yr they may not have to be paid. We look for clean credit in the last 12 months but need to see a credit report to determine what exactly to do. Judgements have to be in payment arrangements for atleast 6 months so make a payment arrangement as small a payment as possible so it doesn't mess with your debt to income ratio. Just need to know the whole picture or I could come up with writing all types of scenario's. I have had clients that said they had bad credit because they had a bankruptcy many years ago and FHA guidelines only require 2yrs. There are many lenders so you need to find the one that does mortgages that fit your specific bad credit. Good luck.
- Brian Goetz, "bri_gets"
- Contributions:295
conventional loans typically only go down to a 680 credit score. FHA loans can go as low as 580. It also depends on factors such as collection accounts outstanding, number of 30 day late payments on your mortgage and other factors.
The best thing to do is have a lender pull your credit report to determine of it will meet their guidelines.
The best thing to do is have a lender pull your credit report to determine of it will meet their guidelines.
- Sally Grenier, "Sallyg303"
- Contributions:86
How bad is bad? Find a local lender or mortgage broker, and see what you qualify for. They can look at your credit history, your debt to income ratio, etc. and give you an idea of what you need to do in order to qualify. Good luck!
i need to get a loan and i have bad credit can u help
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