Bad credit but solid incomes. Can we get a mortgage?

Q: My wife and I both have bad credit, but solid incomes. Will anybody take a chance on us?

A: Just because your credit isn't up to speed doesn't mean you can't get a mortgage or refinance. The FHA program allows for FICO scores as low as 580 -- and you only need to put 3.5% down to buy a home. With scores lower than that, you'll need a 10% stake, but simply having a low score doesn't mean you can't get access to credit -- it simply means that your avenues and choices are more limited.

Ask the expert
Keith Gumbinger
Keith Gumbinger
Mortgage Expert
Vice President, HSH.com
About Keith: Mortgage market observer and analyst with 35 years experience... (more)
Submitting your question...

Question received! Check back later to see if your
question gets published.

Q: Can my friends and I buy a house together?
JUL 18, 2021
A:

The answer is "yes," you can certainly all buy a house together.

Read More
Q: What is the difference between "rate" and "APR"?
APR 26, 2021
A:

APR is perhaps the most misunderstood part of mortgage finance. "Rate", or more properly "contract interest rate" is the actual rate of interest you are being charged...

Read More
Q: How do I find out who owns my mortgage?
MAR 15, 2021
A:

The owner of the loan is most often the "investor" -- the entity who put up the actual funds to make your mortgage happen.

Read More
Add to Homescreen?
X
X
Install this web app on your phone :tap and then Add to homescreen