I make 45,000 a year and have a 550 credit score as of June of this year, and have been on track since then (no late payments or anything derogatory) when will I realistically qualify for a VA loan or a FHA loan? What if I got a creditworthy co-signer. My bills are about $600 a month. I have no idea what to do can someone please help.
, | Jul 15th 2011
by alderm
Answer
by David B...
by GVDenny
It is possible to do either an FHA or VA with a 550, but credit score is not the only determining factor. The reasons for the low score very well may disqualify you. Your recent performance on your accounts will play a large role in whether you qualify and the only way to know is to apply. If you are in California I can assist you with this. Jul 15th 2011
by gcerretani
Even though these programs do exist the restrictions are high- I would recommend either rebuilding your credit or taking advantage of private lending which I have access to-credit is not an issue and stil can get rates as low as 5% 3.5% down 30 year fixed with no prepayment penalties. Jul 15th 2011 |
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