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What score do I need to get a good FHA mortgage loan? Is 700 good enough?
I am an MD/PhD student with a steady income for the next 7 years. I have always been reluctant to carry credit cards, since I believe in fiscal responsibility: "Pay with what you have". What is pulling my credit down is high inquiries(since I am new credit) and poor credit history. I really want to have good enough credit for a house!
I have done 100% on-time payments, kept the debt/credit ratio really low ~ less than 20% and have 1 card and got approved for a second card, one is a Visa, another a Mastercard. Will 12-24 months of 100% payments and low debt/credit be enough to boost to good credit? Thank you
Asked by
rochatron
1 year ago
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620 is the minimum score required for a FHA loan. If poor history, a reestablished credit must be shown. 2 years of 100% payments and try to mix a car loan in with the credit cards. At the moment FHA requires at least a 3.5% down payment.
nandog 1 year ago
A car loan is not required to be present in order to get a mortgage, and car loans are not considered helpful in approval. If you just recently opened a car loan, this could actually hurt your chances at approval if it brings your scores down---you might be paying higher APR, or have to pay points to get the loan. If you carry debt showing on your credit report, the monthly payments will be used to calculate your debt to income (DTI). If this figure is above 34%, you may find difficulty getting approval, either with FHA or through conventional loans.
christoofar 1 year ago