Asked by Ctbuyer203, 06461 • Thu Nov 3, 2011
My longtime girlfriend and I are looking to purchase our first home. We were hoping to qualify for an FHA loan between $200k - $250k with a 3.0-3.5% down payment (mean purchase price for the area is $235k).
Our problem lies with credit score, and specifically how much weight it is given when qualifying for such a loan. I have poor credit (578 when i pulled my report this time last year), but have been rebuilding it with a co borrowed auto loan for the last 13 months (not sure what my score is today, hopefully more than what it was). She has excellent credit 700 . We both have incomes of about 50k/yr and have been at our jobs for 4 years each.
We have not yet applied for the loan, the question is, does the added income I bring to a loan application outweigh the negative effect of my awful credit score?
Real Estate in Milford
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