The house is bigger than what we need. My credit score has been hit b/c of our sudden income drop. I want to sell the house but I have been told our credit score needs to be over 580 to get a new mortgage loan for a smaller/cheaper home..if we sell our current home, how long will it take to get our credit score back up??

Let’s talk about what goes into that credit score. do you have? Is it just a student loan? Is it all credit cards? In this.

whats an fha loan What Is An FHA Loan Modification? – FHA News and Views – What Is An FHA Loan Modification? According to the fha loan handbook, HUD 4000.1, such modifications are part of a loss-mitigation program from the FHA and HUD designed to help fha borrowers avoid foreclosure and keep their homes.home equity line of credit compare rates With a Chase home equity line of credit (HELOC), you can use your home’s equity for home improvements, debt consolidation or other expenses. Before you apply, see our home equity rates, check your eligibility and use our HELOC calculator plus other tools.

If you’re planning to buy a house, your credit score has a big impact on your monthly payment. Take these steps from Bankrate.com to get the best score and lowest mortgage rate.

As you can see, your credit score is the second most important individual factor that goes into your mortgage loan, only below your debt to income ratio. The best thing you can do when applying for a mortgage is to get your credit in shape beforehand which can help if your debt to income is not perfect.

fha government loan requirements What is an FHA Loan? An FHA loan is a mortgage that’s insured by the federal housing administration (fha). They are popular especially among first time home buyers because they allow down payments of 3.5% for credit scores of 580+. However, borrowers must pay mortgage insurance premiums, which protects the lender if a borrower defaults.bad credit mortgage rate Getting a lower interest rate is one of the primary reasons people refinance their mortgages, and bad credit can hinder your access to the lowest rates. Your best bet is to shop around to find the lowest rate offered to you and to work with a lender to improve your credit as much as possible before applying.

Get a friend or relation with good credit to co-sign your lease – but it will have to be someone who loves you because she’ll be putting her own credit score on the line if you default Pay.

FICO credit score & buying a house what does your credit score have to be to buy a house? Find answers to this and many other questions on Trulia Voices, a community for you to find and share local information. Get answers, and share your insights and experience.

How to Improve Your Credit Score Before Applying. Getting a mortgage with bad credit or poor credit is a highly attainable goal. Whether you’re facing a rocky credit history or a non-existent one, there are several ways to fix your credit to get on a brighter financial path. Begin by addressing your credit issues.

"If a consumer is willing to put a house. score to make it easier to get a loan next time, or perhaps to refinance the ones you have. The first step in increasing your credit score is to understand.

how to shop for a loan Your local newspaper and the Internet are good places to start shopping for a loan. You can usually find information both on interest rates and on points for several lenders. Since rates and points can change daily, you’ll want to check your newspaper often when shopping for a home loan.