mortgage loans for credit score 585?

Tips and Deals Forums Home Mortgage mortgage loans for credit score 585?


This topic contains 4 replies, has 3 voices, and was last updated by  Anonymous 6 years, 8 months ago.

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  • #420301



  • #420302


    Sounds like you two are on the right track! I’d suggest waiting until he graduates and gets on the force full time; that will look better on your mortgage application. Overall, both of you being in new careers, the mortgage companies will frown on that I’m sorry to say. But keep increasing you credit scores. The higher the number, the better. And keep saving! The more $ $ you have for the down payment the better.

    I would not worry about the student loans too much. If the interest rate is below 4% I’d keep paying the minimum and save the rest for the house.

  • #420303


    1) I’d suggest getting married before buying a home together.
    2) I’d work on paying down your student loan before buying a home.
    3) I’d suggest waiting until both of you are a bit more established in your respective careers before buying a home.

    To answer the question about what’s the maximum you could borrow we’d need to know your total income, your total debt and an idea of your overall expenses.

    Good luck and remember there’s no hurry to buy this home. I suspect home prices will remain soft for some time and may even drop some more. And interest rates should remain low for a while yet. But as Obama runs up the national debt, they will begin to rise.

  • #201310


    My fiance and I have been looking to buy a house. He makes over $70,000 a year, and since my credit is messed up, my name and income will not be included. When he got divorced from his first wife, the credit card debt she racked up got split between them. Since his name was on the credit cards also, and she has yet to pay the debt, it is showing up on his credit. He tried to get financed this month, and the credit score was 585. We only want to purchase up to $120,000. Is there anyway to raise his credit score quickly, or any place that will finance with that score?

  • #258755


    You can get an FHA loan with a 585 credit score, but if there are charge offs on his credit, that may be the problem and they may have to be paid off at closing. Find a good broker that can assist you and don’t believe the people telling you that you cannot get an FHA loan with a 585 credit score. FHA specifically mandates a score of 580 or above.

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