Probability of qualifying for a home loan?

[danny2021]

Hello,

I'm trying to assess my chances of securing a home loan. My scores are currently the following according to MyFico: EQ:560 TU: 605 EX: 580. I just recently paid off all of my debt, so my scores won’t reflect that quite yet. I've been employted with the same company for 9 years and in the same field for 19. I have no auto loans and about $14,000 in savings. In addition to that, I have approximately $65,000 to put down towards my home purchase. I’m looking at a home that is priced at $319,000.

Would my overall scenario be enough to qualify or would I still need to work on raising my scores? I mean that's a given any way (continue to raise my score) What would I likley be looking at? Any help would be greatly appreciated.

Thanks,
Danny

[ezdriver]

Most FHA lenders will require at least a 620 middle score at application. A 640 score will put you in a much better position. With a 20% downpayment, your chances are very good.

[hajew86]

Assuming you're scores will bounce closer to 640, your capital reserves, down payment cash, and your excellent job history...it sounds like you'll be approved no problem. 

[danny2021]

Thanks for the prompt responses.

[skigirl916]

Can't agree with this others without more info.

Why are your scores so low? What derogs are on your credit reports?