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Advice, please?

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Anonymous
Not applicable

Advice, please?

I'm looking for some advice from anyone who may have or is in my situation.  My boyfriend and I are wanting to stop renting and purchase a home.  Preferably right by our parents.  We found a home for $89,000. 

The reason I need advice is because my boyfriends score is 551...would he qualify for any type of mortgage loan with that type of score?  He has had his job for almost 4 years.  I've heard something about an FHA loan...but since I'm new to all of this that means nothing to me...lol.  I just don't want to be embarrassed by contacting a mortgage company and being turned down.  Does anyone think we will be wasting our time?

 

Thanks in advance Smiley Happy

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Anonymous
Not applicable

Re: Advice, please?

For the most part, 580 is the lowest most places are doing..
Message 2 of 3
ShanetheMortgageMan
Super Contributor

Re: Advice, please?

A good start to evaluating your situation would be to provide as much as the information as possible that the thread at Help the FICO Forums help you (with your mortgage qualification questions)  asks for.  Credit score is a start, but more details on that will be needed, what is on his credit that is bringing the scores down, when did it happen, is it still owing or not, etc.
Free Mortgage Advice & Pre-Approvals (FHA, VA, USDA, Fannie, Freddie, Non-Prime, Construction, Renovation/Rehab, Commercial) since 2002
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