Home Buying in New Albany>Question Details

Lincook, Home Buyer in New Albany, IN

I have credit scores of 625, 614, and 584 and want to buy a home with fha. Do I need to bring them up before applying for a loan?

Asked by Lincook, New Albany, IN Mon Feb 14, 2011

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When you call a lender and be prequalified, they will find out what your credit scores are when you apply for a loan, regardless of whether you go with FHA or work with a conventional lender. For the preapproval process, they will ask for several documents from you starting with:

last 2 tax returns or most recent 1099/W2s
most recent bank statements
last 2 pay stubs
And they'll also run a credit check
employment information
financial statement that shows your credit obligations (credit cards,car payment, etc)

Your credit information, employment, debts are all factored into whether or not you qualify for a loan and at what interest rate.

Good luck!
1 vote Thank Flag Link Mon Feb 14, 2011
To answer your question, you will probably need to bring up your credit score to at least 640. But, you can start the pre-approval process now. Talk to a lender or mortgage broker. They will check your credit score, and see what issues there are, and let you know what you need to do in order to get prequalified. Good luck!
0 votes Thank Flag Link Mon Feb 14, 2011
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