Is there a chance of getting a mortgage?

[sivia2003]

Hello everyone,

 

 

I am currently trying to get approved for a mortgage, The house is $83K but I only need the loan for $65K, my three credit scores are 631, 580, 555. I do have several blemishes on my credit report including a couple of judgements, but no bankruptcy. I am also self employed and have shown around $30K a year gross income for the last 3 years. Is there aby way of possibly getting approved for an FHA or other form of mortgage loan. Also I do have a cosigner that makes about $55K a year with $1500 monthly debt. Thank you for any help you may give.

[jmf8756]

I believe for FHA your middle score has to be at least 620 but most lenders like to see 640. You might call a few brokers and see what their standards are.

 

 

You also need to look into what is causing your scores to be that low. Do you have charge offs, collections, or judgments? If so, those might need to be taken care of before getting a mortgage approval.

[Mortgagase]

No chance IMO. Self employed and low scores don't work these days. Even high scores and self employed is tough. Sorry but i can't give you any words of encouragement.

[Brian B The Loan Professor]

I would have to agree - some credit repair will need to happen first - if you have that much for a down payment you may need to use some of it for credit repair - you dont need that much down for fha

B

[boomhower1820]

Are the judgements paid?