Boat Loan Fico
qualify for a home loan?
I have good income and bad credit history. A divorce and a dead beat dad took care of that. Am trying to do everything right and got my FICO score to 630 inches. What are my chances of qualifying for a home? I do not want to waste time anyone, but do not want to miss the boat as well.
From personal experience, if you do not have a lot of debt, and have good income as you indicated, then with an FHA loan (government backs up the database), you may qualify for a loan. The FHA requires a minimum down is 3.5%. Just bought a house for 43,500 and the advance was only about $ 1,500.00. I was told by my bank that I went through my credit score AVERAGE had to be at least a 620 Fico to be considered for the FHA loan, so depending on how low the middle of the three points three credit companies that you may be able to secure a loan at a decent rate. Hope this is of some help. word of advice stay away from online lenders, saying they are not bad, but you should search for a local mortgage company of good quality, so you will have the opportunity to actually sit down face to face and go over your options. You will not regret it.
