Mortgage Home Loan Questions Answered Directly Online!
Mortgage Home Loan Questions Answered Directly Online. This Mortgage Home Loans Site Provides Home Loan Advice And Answers To Online Mortgage Questions.
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site_name: imortagequestions
description: Great question. With all the changes in the mortgage industry it was thought that if you didn't have impeccable credit you wouldn't qualify for a mortgage. What, you ask, are impeccable credit scores? Really good credit would be credit scores over 720. But what if your credit scores are below 620? Can you get a mortgage? The answer is yes. As long as your credit scores aren't below 550, and you have some money to put down, you're still eligible under the government FHA program for a 30 or 15 year fixed mortgage. With a credit score of 550, for example, you would need to put down at least 10% of the purchase price. However, if your credit scores are 580 or higher, you can still qualify for a FHA mortgage with 3.5% down payment - and the mortgage rate will be competitive. Not subprime or hard equity rates. Under the FHA 30 or 15 year fixed programs, there are still debt to income ratios that have to be met for qualifying. So, for example, your total monthly installment debt can't
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