| Mortgage Forclosure The forum for everything related to Mortgage Forclosure |
 |
09-14-2009, 10:03 PM
|
|||
|
|||
pre approval for a foreclosure when having a...
...mortgage? I would like out of my current home- we will be renting it out-- I have $18000 down for another home and was looking into foreclosures, there are some great deals- I need to get about a $30000-$40000 loan for purchase of foreclosure. How great does the credit have to be for a situation like this?? Who do I need to talk to for more information-- I know my credit is around 600-- Thank you for your help!!!
    |
|
09-14-2009, 11:10 PM
|
|||
|
|||
|
FHA Owner Occupied Properties - Minimum FICO score (middle score - which means you eliminate the highest and lower scores) needs to be 620. You are doing an investment property - so your credit score will need to be a lot higher (I believe 680). You need to work on improving your credit score the subprime lending market has crashed and you can't get that type of financing anymore.
|
Linear Mode
