I found a home that they are willing to sell me for 63k. I make about 25k a year. i have some credit card debt, but currently working on paying some off. Anyway I believe my score is only like a 580, is there a place for 1st time homebuyers where I can get 100% loan and how long will it take to get my score up just a little bit, say like 10-20 pts. Please help. i really love this little house and want to work with the sellers on getting into soon.
2006-11-01 06:44:35 · 7 answers · asked by shortcrazychic 2 in Business & Finance ➔ Renting & Real Estate
Most states have a first time homebuyer program available for people who have never owned before, low credit score are acceptable, your income must be below a maximum guideline. Low interest rates and immediate second morgtages for closing costs are usually available. Chech with you local banks, they will know what programs are available.
Good Luck!
2006-11-01 06:53:19 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Well, the minimum credit score for 100% financing is 580. So the real issue that needs to be addressed is the credit card debt. I have a couple of loan programs available to help your monthly debt to income. Email me so I can give you my contact info..We loan in 50 states...
Loan Officer in MD
2006-11-01 06:56:13 · answer #2 · answered by keewesti 3 · 0⤊ 0⤋
Im a loan consultant. What you can do is pay off some of your credit cards...and keep the recipts. Have your brooker let the bank know this...that can help you. Try getting a co-signer with good credit. 580 isnt too bad....dont worry about that too much. Your beacon score will go up once you start paying off your credit cards. Dont have late payments. AND DONT let anything get to collections!! If you do....make sure to pay them off!!!!
Your best bet is getting a Co-signer...
2006-11-01 06:55:52 · answer #3 · answered by elena 2 · 0⤊ 1⤋
580 isnt a good score for lenders, i think u should build up ur scores a little by paying bills in full and having no balances on ur credit cards and then think of buying else u will end up with lenders who give u huge rate of intrests .Dont get trapped be patient and good luck
2006-11-01 06:54:13 · answer #4 · answered by Ash c 2 · 0⤊ 1⤋
What state do you live in? There are 100% programs available for FICOS of 580 and up. Email me and I can tell you about them
2006-11-01 06:48:12 · answer #5 · answered by Anonymous · 0⤊ 0⤋
I have an article on my site that will answer your questions.
2006-11-01 07:28:38 · answer #6 · answered by shaundy1714 2 · 0⤊ 0⤋
There may be something of use here.
2006-11-03 10:55:26 · answer #7 · answered by Anonymous · 0⤊ 0⤋