2007-01-05 16:28:18 · 9 answers · asked by Beautiful had a BOY on 3.7.09!!! 3 in Business & Finance ➔ Personal Finance
It will take time to boost your credit score but those with low scores might not be able to afford the mortgage in the first place. Realize that owning a home is alot more responsibility than just the mortgage payments: insurance, taxes, maintenance, interest, etc. It's one thing to get a low rate mortgage interest but another to pay on time and avoid foreclosure. Make sure you can afford 15 -30 years of a mortgage before taking one on or you'll end up with a worse credit score and no home.
2007-01-05 20:58:53 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Pretty much but it can still work out. I had to get a mortgage this summer and by the grace of God it worked. I had to say I was single because my husband and I were both out of work. I put down that I was a student (I am) and that I was selling Avon and was making $2000 a month doing it. Long story short, it worked. My husband picked his jaw up off the floor because my credit score was 520-ish and I had no work history. My best answer is good luck and pray. If I can get a mortgage, I guess anyone can!
2007-01-06 00:32:53 · answer #2 · answered by BeckyT 2 · 0⤊ 0⤋
That's a pretty low score, so it might be a bit harder to find financing, but you should still be able to obtain it. It will carry a higher interest rate. Excellent scores are those over 750, and average are around 650. Expect to pay about 1-2% more than the average mortgage rate.
2007-01-06 00:31:47 · answer #3 · answered by theeconomicsguy 5 · 0⤊ 0⤋
You can get qualified, but the terms will not be very good. You will most likely get an adjustable rate, with interest-only payments to start and outrageously high rates in two years.
If you expect your credit rating to improve within the next couple years, you can buy now and gamble on being able to refinance later. Or perhaps you should consider renting until your credit score improves to the point where you can get a mortgage with more favorable terms.
2007-01-06 00:35:17 · answer #4 · answered by Gitchy gitchy ya ya da da 3 · 1⤊ 0⤋
If you can get it to 620 you'll be able to get more conforming options. It doesn't take much to make a big difference in the score either. I was able to get mine 100 points higher in 5 weeks but using the 'scenario' option on www.mycreditinform.com
you can literally run different ideas.. like if I pay this off, what will my score be, etc. It helped me a lot.
2007-01-06 00:34:55 · answer #5 · answered by Susie 2 · 0⤊ 0⤋
It can get you 100% financing; you could enter a credit repair program right away then refi in 6-12 months to a conventional rate. Fill out the situation evaluation form at :
www.totaldebtsolutionsllc.com
and we will recommend a loan officer to you.
2007-01-06 21:37:26 · answer #6 · answered by Anonymous · 0⤊ 0⤋
not bad but not great try to bring it up to 630 my friend has 690 and he can get any loan he wants
2007-01-06 00:32:28 · answer #7 · answered by Anonymous · 0⤊ 0⤋
yes
2007-01-06 00:30:54 · answer #8 · answered by Stranger in a Strangeland 5 · 0⤊ 0⤋
yep
2007-01-06 00:30:23 · answer #9 · answered by plainofexistance 2 · 0⤊ 0⤋