Q: I've had a foreclosure in the last four years. My credit score is 580. I'm working on improving it with the help of a credit company that is working on my behalf to negotiate with creditors to reduce my debt. Will I be able to qualify as a first-time homebuyer again when I do purchase? Also, what does my credit score need to be at to qualify for financing? --Simona, California A: Many Americans are emerging from foreclosure in the same exact situation as you now find yourself. There are a number of moving parts to your question and your scenario, so let's take them in turn. First, your credit score. To obtain an FHA loan, post-foreclosure, currently takes a minimum credit score of 620-640 with most major lenders.If you can get your credit score into the 700 range, you will be...
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