I have a low credit score but high income - am still eligible for a mortgage?

Question

I found a really good deal on a home, but my credit score is low from some past financial issues.  I make over $100k though. Will I be able to get a mortgage?

Answer 1

It depends on how low your score is. FHA allows scores to 580 with 3.5 percent down and 500 with ten percent down. That said, most people with scores that low don't get approved. Your best bet for getting approved with a low credit score is to make a larger down payment. Credit scores over 620 are not considered great, but your odds of loan approval are much higher if you can hit that level.

Answer 2

ABSOLUTELY.  FHA minimum credit score requirements for 3.5% down payment FHA LOANS is 580. Under 580 credit scores down to 500 requires 10% down payment.