4 years ago we purchased a property via land contract. During that time we blew our credit rating moving locations and starting over with our business. For this reason we can barely buy a car at decent interest rates despite good monthly income. We have paid our land contract payment every month without fail and wish to get a "proper" mortgage but we are afraid that one look at our credit scores will devastate those chances. Is there anyone out there who will grant us a mortgage with (around) prime interest rate?
This question has been locked from accepting further answers.
Answer this question:
Please log in to submit an answer.
Best Expert Answer
Your FICO scores and other financial qualifications will determine your access to "prime" mortgage loan interest rates. One thing you should consider doing is calling the FHA directly at their toll-free number (1-800 CALL FHA) and request a referral to a local, HUD-approved housing counselor who can help with pre-purchase planning and advice on credit issues before applying.
Our blog is brought to you by the knowledgeable group of counselors at FHA.comVisit our website
Have a Specific Question?
Some of Our Experts
Can I remove MIP from my FHA if my home value goes up?What credit score is ideal when applying for a home mortgage loan?Can I use my VA loan eligibility to buy a home that includes 12 acres of land?I had a bankruptcy not long ago. If I want an FHA loan, how long do I have to wait before applying?What is the minimum down payment I can make for an FHA loan?Can I payoff my FHA loan without being penalized or charged for early payoff of the loan?How do I restore my VA loan eligibility?see more