a decent interest rate? If debt matters which I am sure it does-we have a 15,000 car loan 20,000 student loans 14,000 credit card debt and 25,000 house loan that will be gone when we move. thanks
2006-12-30 14:05:55 · 5 answers · asked by 1st-time-mommy 1 in Business & Finance ➔ Renting & Real Estate
Really depends on your debt to income ratio, among other things.
Your credit score isn't in the basement, so that's promising, but how much money you have coming in versus how much you send out really is important.
2006-12-30 14:15:22 · answer #1 · answered by Anonymous · 1⤊ 0⤋
Yes it can be. As several have stated there are other factors that will play into what type of loan you get and the interest rate you have on the loan. You should get your bank stmts, W2s, paystubs (30days), and any other financial information together and speak with a reliable Loan Officer at a Bank or Mortgage Broker to see what programs you may meet the qualifications. If there are any court papers such as divorce, support, or bankruptcy, bring those with you.
FHA programs offer close to conventional fixed rates and will look at credit history, somewhat at scores, and debt ratios. Unless there is some reason you cannot qualify or get the 3% downpayment for an FHA loan, this is probably your best choice. There are downpayment assistance programs available if the seller is willing to participate, that can cover the 3%.
Be careful of loan officers who promise low rates without much information or taking the above information from you. These usually change in the course of time before closing. Also, make sure you understand the terms of the loan. Some of the 100% financings are 2/28 loans that are fixed for 2 years and then adjust the interest rate every 6 months or every year after the first two years. Your payment will adjust with the interest rate adjustment.
Make sure you get a full estimate of closing costs - broker, lender, title company charges, recording fees, escrow amounts,etc. when you submitt an application. This is a federal requirement, yes it is an estimate but it is suppose to be a Good Faith Estimate so make sure it is.
2006-12-30 14:37:02 · answer #2 · answered by Margaret K 3 · 0⤊ 1⤋
It depends on your income and other factors, such as length of time on your job, debt to income ratio, etc. Some people can get a home loan with a credit score under 600. I know of someone who got a $200,000 home financed with a credit score of less than 600, but this individual had a high income and had been a previous homeowner. She also had a lot of hoops to jump through. Most of her credit problems came from an ex husband. They really have a program for most everyone. Having a good down payment can also help. Your interest rate can vary according to you credit score and other factors.
2006-12-30 14:16:10 · answer #3 · answered by Flyby 6 · 1⤊ 1⤋
Is the home u owe the 25k sold yet? if so u r gonna be fine, if not u may have a problem with owning 1 home while trying to buy another.our credit score is ok before they raised the credit score points it was more than ok, now most want more than the 619 they use to want, but I still think u r in a good enough bracket for a decent interest rate, ck around ask, ask and ask more questions,HAPPY NEW YEAR!
2006-12-31 06:34:55 · answer #4 · answered by bodacious baby 7 · 0⤊ 0⤋
Its to low.
2006-12-30 14:09:40 · answer #5 · answered by ? 6 · 0⤊ 0⤋