Transunion Credit Report By Phone
2010
FHA mortgages – with these scores? 658, 582, 618?
Fico scores are = 658 is transunion, 582 equifax…My Experian “VANTAGE SCORE” is currently 618… is this the same as FICO??? (it better be, i paid 8 bucks for it)
i expect my scores to go up a little in the next 3 or 4 months as i am working to improve these by establishing credit (secure card) and have disputed 2 things that are absolutely not mine on the reports (phone company frauds)
i’m definitely ok with waiting until march to go after a home as
is it possible to get FHA with those scores? any other advice? (and yes, i posted this earlier but wanted all the info in one “question”
one more thing… i only make 31,500 per year, how much would i qualify for? 60K is fine around this area as there are A LOT of empty houses in my area – i have stable employment of 8 years and counting as well.
You should bring your middle score up to over 620. Keep in mind however that consumer credit reports/scores contain slightly different information. When the lender pull your scores they may be a little lower because more things are taken into consideration when they pull them, for instance your income. A consumer credit report doesn’t know what you make so they only score you on your debts, a lender credit scoring system factors in your DTI – debt to income ratio. I am in your same situation. I brought my credit score up 50 points just by having two items deleted and bringing my credit card balance down 30% of the credit limit…..IT HAPPENED IN LESS THAN 10 days!!. The dispute didn’t take no time.
Your income will qualify for a 60K loan. Your max loan amount with your income will probably buy around $85,000. But that could be more or less because most lenders qualify you based on monthly payment amount…how much home you can afford depends on how high or low your monthly payment will be. A lender may approve a person with your income for a loan for $110,000 if they have different factors. For instance, they may be coming to table with more down payment assistance (gov’t funds, savings, gifts etc) and their interest and property taxes may be very low therefore their montly payments would be lower.
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