Right now my FICO score is 584 (I made some bad mistakes a while back). Can I still qualify for a hime loan or am I condisered worthless? I have a great job (I've been w/ the same company for 14 years) and a nice salary. Should I even try? Or should I wait 2 more years for the charge offs to drop off my report?
2006-08-24 05:17:10 · 16 answers · asked by woodybmi 3 in Business & Finance ➔ Credit
I agree with personal_finance_101
Go to creditboards and learn how to clean up your reports first. You will also learn how to rebuild your credit as you are cleaning it. Start reading in the newbie forum and then in the credit forum.
I wouldn't recommend going for a mortgage just yet.
And as far as one poster said that you should go for a mortgage then refi it next year........why pay the closing costs this year and then pay those hefty refi costs next year - a lot of good money down the drain there.
If you can just wait a bit, work on your credit and then get yourself a good loan.
2006-08-24 08:41:36 · answer #1 · answered by echo 7 · 0⤊ 0⤋
In New Jersey the minimum credit score for a mortgage is 620. On the other hand in Georgia, the minimum is 580. I guess it all depends on where you are and who you deal with. You will need to go to brokers not banks as they have less stringent guidelines.
Sounds like you could raise your credit score if you lowered the balances on your credit cards or disputed some of the old accounts. There is a program that teaches you to have negative items removed. I purchased it, but ended up filing bankruptcy instead and now a year later, I am qualified for a mortgage with an 8% interest rate.
Another thing that will ALWAYS work in your favor is a DOWN PAYMENT. This will allow you to negotiate better terms in any credit situation.
2006-08-24 05:34:33 · answer #2 · answered by ushouldnoidontplay 2 · 0⤊ 0⤋
Basically, if you are breathing, you can get a mortgage. You just won't get the same rate. What I would suggest is spending the next few months working on cleaning up your credit and buying then. creditboards.com has a great forum to learn how to get bad stuff off of your report.
This is a much better option for you and I have known people to increase their scores by over 100 points in 90 days.
2006-08-24 05:20:50 · answer #3 · answered by personal_finance_101 3 · 1⤊ 0⤋
If you can wait 2 years... Supposedly 7 years is the magic number... You might, but you won't get a good deal so it would probably be worth it to wait even if you could do it right now. You'll save a lot of money in the long run.
2006-08-24 05:20:43 · answer #4 · answered by snape4good 4 · 0⤊ 0⤋
580 is enough to qualify you for zero down, but it will mean its an 80/20 loan with a prepayment penalty and higher rates. But its definitely possible-- you'll probably want a mortgage broker instead of a bank.
2006-08-24 05:50:38 · answer #5 · answered by Anonymous · 0⤊ 0⤋
Actually, be more considered w/ your history of the last 24 months!!!! If you have only positive activity during this time, you can qualify......DON'T go w/ any sub-prime loan...Interest rates are terrible, prepayment penalties are ironclad, and they will then try to sell you MPPI...rip off....Go for a conventional 30 yr w/ 20% down....You can buy down your rate if you want....stay away from sub-prime
2006-08-24 07:43:28 · answer #6 · answered by Paula M 5 · 0⤊ 0⤋
I'm a loan officer with freedom mortage. I'm sure I can find a home loan for you now even with your low score. Just remember score generates montly rate. You may have a bad score when you by your house but you can always refinance in a year and lower that rate after paying your mortage on time. You would have created positive history. It's a win-win situation. You're welcome to contact me. I have access to lenders nationwide...good luck
2006-08-24 05:20:34 · answer #7 · answered by luvladyblue 3 · 0⤊ 0⤋
I think you should qualify, if you have been out of trouble the last 5 years. Everyone makes mistakes, some just do not get caught. meme777
2006-08-24 05:25:33 · answer #8 · answered by meme777 1 · 0⤊ 0⤋
Good Question,
The answer is YES! I can get you approved to purchase a home today.
I am a mortgage consultant who specializes in helping people with less than perfect credit. I will get you some excellent terms that will allow you to purchase a home with ease!
contact me at rot_silberswarz@yahoo.com
2006-08-24 05:25:04 · answer #9 · answered by Silberswarz 2 · 0⤊ 0⤋
Hey I agree with a few others. You will find out a wealth of information if you visit www.creditboards.com Go to the mortgage forum.
2006-08-24 13:52:11 · answer #10 · answered by Anonymous · 0⤊ 0⤋