667 Fico score, chances of being approved for mortgage?

Deal Score0

My credit score is 667 and I make approximately $ 23,000/year. I am looking to buy a house in foreclosure in Indiana for approximately $ 40,000-$ 60,000. What are the chances I’d be approved for a mortgage based on my Fico score and income?

Due to my low income, if approved for a mortgage, I would qualify for down payment assistance and an interest free loan up to 20% of the home cost, as well as the tax credit on next year’s taxes so I’m hoping I have a shot at getting approved.

By the way, I have found several houses in this price range that I’m interested in.

2 Comments
  1. Reply
    LuvThosePurpleShoes
    April 29, 2011 at 10:57 pm

    speak to the bank and your mortgage broker.

    nowadays anyone can get anything with whatever credit score if they have the funds to pay

  2. Reply
    GoldenRing
    April 29, 2011 at 11:30 pm

    Your score is good, but as you indicated the loan is not based solely on your FICO. Different types of loans have different requirements, Conventional, FHA, VA etc. They will look at who you owe, how much you owe, how much you pay out each month. Taking your income, minus your current monthly pay out and 30% of what’s left over is considered affordable average standard (what you can afford to pay on a mortgage) Take in consideration, home insurance and taxes when figuring the bills you will pay out with a mortgage. Your FICA and risk factor based on these figures will also help the bank or financial institution set your interest rate as well. Good Luck!

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