Will I qualify for a mortgage?

[AREACODE832]

I thought fha required a 640 credit score.

[catatonico]

Sorry... really late post tagged on to an old thread Still decent information to have, sometimes.

Anyway... as of January 2010 (haven't looked at the new guidelines yet, but they probably haven't changed much):

Update the combination of FICO scores and down payments for new borrowers.
◦New borrowers will now be required to have a minimum FICO score of 580 to qualify for FHA's 3.5% down payment program. New borrowers with less than a 580 FICO score will be required to put down at least 10%.

Link is HUDNo.10-016/U.S. Department of Housing and Urban Development (HUD)


Cheers!

[timdaily]

Yes you will get loan. I am a banker and I assure you!!

[Michael01]

If you keep on paying off one of your cars this year, you might notice an increase in your credit score and that might help to qualify for a new home loan.

[Bardolf]

Hi,
You pay off one of your cars this year, you might notice an increase in your credit score and that might help to qualify for a new home loan. Are you in a hurry to move? If you make 90K per year and your debt payments are under $800 a month you should be able to save a nice little sum over a 6 month period.

[jerrycates]

Most often, the banks would likely to approved those home loaners who can come up with a higher downpayment up front upon application. Upon approval, it's your ability to pay mortgage is the focus. If you can abide by the payment scheme, they are more than happy to loan you. My observation I guess.

[Peter01]

Its great idea of your to have another home and you must provided full details for that assessment but I think you should payoff your debt first then try to take loan, because till that time you will have nice saving amount as well.

[Stuard]

Mortgage :

Actually it varies according to the country's law so i can not tell you exactly about this but your post and all the stuff shows that you are eligible.

[yingxuy]

You will not be eligible to obtain loans, until your current house sold. I may be wrong, but lenders are particularly gunshy than good credit scores and high debt-income ratio less the case of approved mortgage loans.