@Anonymous wrote:
What FICO score do you think one would need to qualify for the following:
Property Value (Condo): $30,000
% Down: 20% (Can also put up to 30% if need be)
Property location: CA
For such a small loan, I'll bet you that you'd need to take out some sort of personal loan vs a mortgage loan. From reading threads here, I've seen oodles of pros tell posters that anything below $50K is hard, hard, hard to do.
Little Info on Me:
Income: $60,000/year
Total Debts: $1800/month (student loans, rent, bills, etc - NO CAR LOANS or CC debt)
More important than your "front-end" ratios (that's the ratio that calculated by adding your housing costs AND credit debts divided by your monthly income) is your *back-end* ratios. That is only your CREDIT debts divided by your monthly income.
For that ratio, you want to stay below 31%, I believe. That is, if you*can* find a lender who'll lend so low.
Sooo ... how much are your debts *excluding* housing/rent?
First Time Buyer: Yes
I pulled a TransUnion Credit Report 3 months ago and my credit score was 600 (student loans went into default while I was out of work 2 years ago). I am guessing my FICO is probably around there. Just curious if I have any chance at getting a loan for a $30,000 piece of real estate? I would arther not bother trying to pre qualify if I can avoid the embrasssment of denial. Haha.
Any help/info is appreciated!
Like I said, I think the *biggest* embarrassment you'd suffer would be having an LO tell you that they only lend larger amounts.
However, 2 things:
Student loans: Are they current? If not, most mortgage lenders will balk at defaulted FEDERAL student loans (not sure about private ones). Defaulted Fed loans will get your name in the CAVIRS system (not good). I *think* that you will have had to have made 12 consecutive payments in order to be eligible for an FHA.
Your credit score. Before you even consider going shopping, I'd pull BOTH your EQ and TU scores here. Since you can't purchase your Experian scores anymore (at least, not FICO Experian scores), you'll need BOTH scores to know what your midscore is. And that midscore needs to be at least 620 nowadays.
(You'd assume that the lower of the two is your midscore -- like I said, you can no longer pull your EX FICO anymore, so it's the best we got)
