I have been paying my bills on time for 3.5 years. I own 2 credit cards which are in "great" standing and my vehicle is paid for. A few months ago, I was turned down for a mortgage and their reason was my past history. Does this mean I have to wait 4 more years to own a home? I was under the impression that if an individual pays his or her debt on time, they should be able to obtain a home loan. I must add that I've never had any bankruptcies, foreclosures (never owned a home) or reposessions. The problems I had in the past has been paid off (which shows on my credit report). What can I do at this point? Any suggesstions will be greatly appreciated.
2006-11-28 00:41:39 · 4 answers · asked by Shay 4 in Business & Finance ➔ Credit
I must add that I have been on my current job for 7 years (state government) and though I would love to make more money, my income is not bad. The amount of money I am willing to pay a month is very reasonable for I would have a large sum of money left after I pay the mortgage.
2006-11-28 01:02:38 · update #1
Go to a mortgage broker, they are easier than banks and have a number of lending programs. Anyone can get an FHA mortgage 18 months out of bankruptcy, so I'm sure you can get a mortgage having not had any of these past issues! There may be a few things you need to touch up but I'm sure you can get a mortgage. You just have to know where to look....and don't take no for an answer.
2006-11-28 00:49:16 · answer #1 · answered by Kevin K 3 · 0⤊ 0⤋
You must remember a motgage term is usually 5, 7, or 10 years, and has a full life of 20 or 25 years. So 3.5 yrs. is not all that long in mortgage terms. The better your credit report the better your chances. I found myself there too 5 yrs. ago. After the bank turned down our initial pre approved mortgage on our first house, we had to scramble around and go to a Mortgage Broker. We had to pay more down 10% instead of 5% and had to have all our credit cards with a 0 balance. We then got a mortgage, and the interest rate was variable and 1/2% below prime. So it can work out. Be careful though every time your turned down it adds a mark on the credit report.
2006-11-28 09:08:41 · answer #2 · answered by Bob L 2 · 0⤊ 0⤋
It takes more than just good credit to buy a home. You must have a good job that will cover your bills. You must be able to pay the taxes, home insurance, phone bill, heat. You should to to Federal Home Loan and apply, they have help for first time buyers. also find a starter home for less money and you can sell it and move up. I had 4 homes and made allot of money.
2006-11-28 08:52:08 · answer #3 · answered by ? 6 · 0⤊ 0⤋
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2006-11-28 09:12:30 · answer #4 · answered by Anonymous · 0⤊ 2⤋