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Mortgage Loan

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BlessedHappiness
New Contributor

Mortgage Loan

What is a good fico score to obtain a 15-30 year fixed mortgage via FHA or other available loan types for 2 years of credit history?  I have a great job and am preparing to purchase in 2010 when my credit hits the two year mark.  Presently my scores are 620  and 602 - experian I do not know. No baddies. 6 inquiries - two from credit cards, 2 from the bank when they opened my checking and savings accounts, 1 from wireless company where I opened my account, 1 from target who denied me for insufficient credit.

 

I only have two credit cards $1500 limit and $500 - utilization is high, but I will be paying it off rather quickly.

Message Edited by BlessedHappiness on 03-09-2009 10:35 PM
Message 1 of 4
1 ACCEPTED SOLUTION

Accepted Solutions
DallasLoanGuy
Super Contributor

Re: Mortgage Loan

most lenders are 620

 

 pay down some revolving and you will be fine

 

Retired Lender
Message 2 of 4
3 REPLIES 3
DallasLoanGuy
Super Contributor

Re: Mortgage Loan

most lenders are 620

 

 pay down some revolving and you will be fine

 

Retired Lender
Message 2 of 4
BlessedHappiness
New Contributor

Re: Mortgage Loan

Thank you for responding.  What is a good downpayment size (in percentage terms)?

Message 3 of 4
Anonymous
Not applicable

Re: Mortgage Loan

FHA requires 3.5% downpayment Smiley Happy
Message 4 of 4
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