Home Buying in League City>Question Details

Rick Isaacs, Home Buyer in Alvin, TX

Are VA and/ or FHA loans assumeable? Must you qualify? I need house but have 560 beacon due to high debt to income ratio. Thinking alternatives are

Asked by Rick Isaacs, Alvin, TX Sat Apr 17, 2010

Assumeable mortgage or Seller finance.

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Robin Silverberg’s answer
VA are assumable, but I believe you still have to qualify. That being said, having a high debt to income ratio does not give you lower credit scores. Even if you have maxed out your credit cards, that in itself would not give you a 560 score unless you have cards that are over the limit, have late payments, collections or charge-offs. Even if you are just maxed out on cards, maybe taking on a mortgage is not the best thing for you to do right now.
0 votes Thank Flag Link Sat Apr 17, 2010
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