Always on time with your mortgage and auto?
And still have a 550?
Do you have a credit report we can look at together?
I am surprised the score is that low with the 2 very positive trade lines that weigh heavily in the FICO scoring
http://dallasloanguy.com/free-credit-book/ http://www.ntreisinnovia.net/cgi-ntr/BR_login?0501134... more
There is not a black and white answer. It depends
The basic things it depends on are:
-Purpose of loan: Purchase, Rate/Term Refinance, or Cash Out Refinance
-Type of home: Primary Residence, 2nd/Vacation Home, or Investment Property
-Number of units
The minimum allowable in any instance is a 620, although you may need a higher credit score depending on the variables listed above. For example, if you are only putting 5% down or if your debt-to-income ratios are high (over 36%) then you may need higher credit scores to qualify.
Your best bet is to speak with a lender well in advance of purchasing a home so we can go over your situation and lay out the best options for you, and also to troubleshoot and put together a gameplan to put you in the best shape possible to get a low rate and qualify for a home loan.
Hope this helps! Call me or email me if I can be of assistance to you.
Loan Officer -NMLS #977416
WCS Lending, LLC
Toll Free: 866.936.5363 ext. 278... more
I understand that they look at serveral things:
The total amount of DEBT as a ratio, Debt to Income: So you want to reduce the Debt.
But they also look at the debt to the limit ratio, particularly on Cards; so you want to have a $200 debt on a $1,000 Card: If you paid this off completely, that card would not report on you, at all, and you want that favorable report.
Good luck... more
With the low rates right now, I would say it is worth a try! Give me a call so we can discuss and see if you are ready.
ABR, CRS, GRI, e-Pro, ALS, ALHS, TAHS, SRES, green, TRLP, REALTOR
RE/MAX North San Antonio
Cell - 210-501-9133
Fax - 210-468-1868
MULTI-MILLION DOLLAR PRODUCER SINCE 2003!
The finest compliment I could ever receive is a referral from your friends and famil... more
FHA requires collections to be paid starting in April. You will need 20% down for conventional if you cannot get the scores up over 680.
Paying the collections might be necessary.
(214) 763-4629 cell/text/nights/weekends(Really!!)
Lending all across the entire Great State of Texas!!
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In general, if it is a newer item, then yes. But if it something from many years ago, then probably not. Speak with a Credit Counselor for the best info on this. Also, check out: http://money.cnn.com/galleries/2007/pf/0705/gallery.credit_score/index.html
Justin Werner, ABR, CDPE
Accredited Buyer Representative
Certified Distressed Property Expert