Equity Home Loans

Bad Credit Home Loan?? FHA??

My fiancee are looking into buying a house. We found a very nice house for 150,000, but neither one of our credit scores are very good. I'm around 520 and she is a little above that. I currently don't have any debt, I have a truck that is paid off and no credit cards. She has doctor bills that she working on paying off and we have quite a bit in savings, around 40,000. Together we make about 65,000 a year. Could we possibly qualify for a home loan and could we get an FHA loan? Thanks for the help!!

Public Comments

1. Even with 25% down you'll still be hard pressed to get any loan for FHA they don't look at credit score directly but you'll both need good credit history for the last 12 months, meaning no late payments and no new collections (usually a score below 580 reflects that these haven't taken place). You may actually have more luck paying off some of the debt with your savings and putting a smaller down payment on a house say 20%, once the paid accounts reflect on your credit report your scores should improve some. Then continue making on time payments and within a few months you should have no problem qualifying for a loan
2. I believe there is a good chance you can get the FHA loan. They have a list of the approved lenders on FHA website. You can call them and talk to them. I think you will be able to get approved.
3. Good Credit or bad Credit You can still get a Home---You will probably have to pay extra on Interest Rate. Look around , there are more than thousand Lenders who will work with you. Credit scores by the 3 bureaus to me, their one little mistake can ruin one's credit history.--To me they are big business playing with citizens credit history. So don't you worry , if your credit score is not perfect, that cannot prevent you to own, a house, you may only pay a little extra in interest. Go ahead -live an American Dream OWN A HOUSE. Good Luck
4. There are probably going to be home loans available for you but at a price. Check out this website for more info and good luck: http://www.credit-card-loans-debt.com/
5. Check out http://www.badcreditoptions.org The have a section for home loans there.
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