Yes! You have to meet the other standard qualifications for obtaining an FHA mortgage, but that score will not disqualify you. Make sure you speak with an experienced lender to discuss all your options and the pros and cons of each.
I am available to help you at your convenience if you wish.
I also offer credit score improvement programs for free while we work on your mortgage.
If you like my answer above, consider clicking on a “Thumbs Up” or “Best Answer”
Robert L. Hanson
Gladewater National Bank
First Time Homebuyer Specialist
The numbers should still work for you. They will not count any rental income from the house that you currently own to qualify. To be sure know payments on current debt you have listed. On the surface it looks Ok.
Worth having a conversation.
Arthur J. Sapienza
Sr. Loan Officer
Washington Trust Mortgage Company LLC
203-605-7621 Cell... more
as long as your lender has a processer that does a WRITTEN Verification of Employment or VOE and the employer for your second job states your continued employment is good you will be fine. You won't be able to use any over time or bonus income from the 2nd job until you have 2 full years but base salary after 22 months is fine as long as your stability of continued employment at that job is good.... more
As others have said, you need to contact a mortgage officer and see what they can do for you and if they can help you improve your credit. Generally speaking, you need a credit score of a 620 around here to qualify for a mortgage. However, there are some programs that will work with buyers with a score that is lower. You need to check out your specific options.
As for the credit reports being wrong, you should contact the credit bureaus. If you have paperwork from creditors saying that you are all paid up, they should be able to correct your report for you. Make sure that you keep all of the necessary paperwork from any creditors so that you have proof that you are paid up, etc.
There sure is... The problem is finding them!! Of course the ones who are able to do it, may not have a house you like... It is a tricky situation to pull off, to find a house you like and the seller is able to take back the note.. Even so the seller may be hesitant to take back the note if you don't have a reportable income stream...... more