All the best,
Everyones credit and scenerio is different of course..a middle score of 590 may have several different things that may be able to cure and advance to a re-score to a higher mid score. Of course depending on the items on the report. As Rodney stated 30% of your high credit limit should be the threshold of the score. So if your High credit is 1000.00 on a CC then the balance should be at 300 or less to able you some more points. I would suggest getting with a licensed experiance Loan officer that can help guide you thru the process.
Sr. Mortgage Loan Officer
Silverton Mortgage Specialist
You each really need to have 2-3 trade lines with 12-24 months of history. To help improve your credit score, your outstanding credit account balance should never be more than 30% of your credit limit. There should be no new late payments or derogatory items on your credit in the last 12-24 months.
Rodney Mason, NMLS #151088
Sr Loan Officer
825 Juniper St NE, Atlanta, GA 30308
Office: (404) 591-2453
Apply Online at http://www.rodneymason.com
Licensed in Alabama & Georgia
Prospect Mortgage offers a full selection of mortgage programs including:
Conventional | FHA | FHA 580-639 FICO | FHA 203K Renovation (Streamline & Consultant) | HomePath® | HomePath® Renovation | HomeStyle Renovation | VA | USDA | GA Dream | Jumbo Financing -
Isabel Elsesser, Realtor
Save Time & Money
First United Realty http://www.isabelsnewhomes.com
*Minimum credit score at or above 580 are eligible for maximum 97.5% Loan to Value for FHA financing (3.5% down-payments required with purchases).
* Minimum credit score between 500 and 579 are restricted to 90% Loan to Value for FHA finance options (10% down-payment required).
Speaking with a loan officer at your local banking institution will be the most direct way to see if you qualify for FHA mortgage.