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Replies (2)
- wetdawgs
- Contributions:26854
Middle FICO score >/= 620, although there is discussion it may go up to >/= 640.
Collections and late charge offs are not positive on your credit score.
Two years of employment are usually required.
Collections and late charge offs are not positive on your credit score.
Two years of employment are usually required.
- Tim Storm, "SoCal FHA VA Lender"
- Contributions:31
Most lenders require a minimum 620 score, but there are still a couple lenders that will go lower. But there had better be some strong compensating factors if the FICO is under 620. Like more long term employment, big down payment, low debt to income ratios, reserves after close of escrow, etc.
You can have lates and charge off's but some charge off's may need to be paid off. This will vary from lender to lender.
While two years employment is the guideline, there are exceptions. If you recently graduated from college and are now working in a field supported by your degree, you may be able to get financing. Also, if someone has re-entered the work force after several years because they had raised a child (or similar action), they may be able to get by with less than 2 years employment. Just be prepared to document, document, document.
You can have lates and charge off's but some charge off's may need to be paid off. This will vary from lender to lender.
While two years employment is the guideline, there are exceptions. If you recently graduated from college and are now working in a field supported by your degree, you may be able to get financing. Also, if someone has re-entered the work force after several years because they had raised a child (or similar action), they may be able to get by with less than 2 years employment. Just be prepared to document, document, document.
minimum credit score have to be?can you have lates charge off or collection.1 yr employment
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