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Can I buy a home after consolidating debts?

Date: Mon, 07/30/2018 - 23:46
Submitted by FredH on Mon, 07/30/2018 - 23:46
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I want to buy a bigger apartment for my family. Currently, I'm in a debt consolidation program. Will it affect my mortgage approval process?


It won't affect your mortgage approval process as long as your credit score is 580. You can get a FHA home loan at 3.5% interest rate. If your credit score is less than that, then you have to pay 10% on your down payment.


Submitted by David Martin on Tue, 07/31/2018 - 22:31

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You will get approval for FHA home loan. Well, the interest rate will depend on your credit score. If it is high, then you will get a lower interest rate. If it is low, then you will get a higher interest rate. Also, you may have to pay a big down payment. What is your current credit score?


Submitted by Sanders Patricia on Thu, 08/02/2018 - 03:36

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Before taking out a mortgage, first of all, assess whether or not you'll be able to handle the new home loan. When you are making payments with the help of debt consolidation, you have to pay a certain amount to the consolidation company every month. Do not miss that payments. Try to pay the amount so that you're out of debt within a definite time.
After you repay your debts in full, there are chances that your credit score might increase. So, it'll be better for you if you take out the mortgage loan to buy the home after you repay your unsecured debts.


Submitted by Good Nelly on Fri, 08/03/2018 - 06:22

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