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my hubby and I just got married and my score is TERRIBLE. We are talking like 350. His is 647, so were are thinking of just sending him to the bank. Will that work or will we have to apply together? And can someone get a home loan with a score of 647?

2007-02-13 08:57:26 · 8 answers · asked by larann78 2 in Business & Finance Personal Finance

8 answers

My dear dear lady, we need to work on that score, but alas hubby is good to go, so send hubby to the nearest mortgage broker so he can apply for a loan.

The first thing you need to know is if you are qualified to purchase a home. You will not get a contract, talk to a real estate agent or anything unless you know if you can afford to purchase a home and how much this is gonna cost.

So the first thing you should do is contact a "Mortgage Broker' you may find this animal in your local telephone book. Tell him you plan to purchase a home in the next 6 months or so and want to get "PRE-APPROVED"

Now this person is gonna want to see lots of documents to prove certain things about you and anyone else trying to buy this home with you.

So to get you started I am gonna give you a few of the things you will need

#1 Federal income taxes for 2 yrs as well as W-2 for the same period

#2 Pay stubs covering one complete month.

#3 Six months from bank statements from all the banks you use to include any 401k plans at your place of employment.

This will get you started during your first interview. Now don't plan on a short trip to the mortgage broker's office or telephone to fill out the application. There are lots of questions as well as lots of forms to sign that are required by state and local authorities. He will even fax them to you. Make sure they are accurate as possible before returning them.

Once he has the documents signed and back in his hands, he will run a credit check thus finding out your credit score. With this credit score he can now tell you what loan programs you are qualified for. The appropriate monthly payment, how much the lender will allow you to borrow to purchase your home as well as tell you about the interest rate of your mortgage.

Once this has been discussed with you and whom ever is gonna purchase this home with you, now you are able to find a real estate agent or the mortgage broker can recommend one. At any rate you now have your "PRE-APPROVAL LETTER" and now you can look for this home you want to purchase.

Once found you go back to the mortgage broker to complete the transaction. He will order an appraisal to prove the value of the home you have selected. The real estate agent will draw up a sales contract for you and the seller to sign. He will give copies to the mortgage broker, and escrow closing agent.

Your mortgage broker might want additional items from you this is normal just find what he needs he is working on your behalf and acting as go between you and the lender.

Shortly thereafter the mortgage broker will call and set up a date for you to sign your loan docs, again plan on being there for a time. This is not hurry up process.

I hope this has been of some use to you, good luck.

"FIGHT ON"

2007-02-13 09:05:05 · answer #1 · answered by Skip 6 · 1 0

Check out a fifth third federal bank. They are excellent in helping first time home buyers. Also they will give him a loan with his score and both of you should go to the bank when you apply for a loan and ask them.

2007-02-13 09:20:16 · answer #2 · answered by Mami of 3 3 · 1 0

The ONLY way you'll get a loan is with him and him only. With a 350, you're not evenclose.

But you do need to figure out why your score is that low and start fixing it NOW or he'll have to get everything in his name-- and once the house is in it, lenders may not want to give hiim any more credit becuase he'll be maxed out with his debt to income.

Pay off any old delinquncies, collections, etc. Open 1-2 new cards (you might have to do secured or try first premier or orchard bank to get you started) and pay them on time each month. Just two credit cards and paying off your old crappy debt is all you need- in a couple years you should be 200+ points higher.

2007-02-13 09:08:04 · answer #3 · answered by Anonymous · 0 1

647? THAT IS GOOD ENOUGH FOR LOAN! your score? no way! that is a very poor credit risk! leave it to him!

2007-02-13 09:00:52 · answer #4 · answered by Anonymous · 0 0

I am Mr chris peter.A legit loan lender.Are you into debts? Do you have a bad credit?Are you financialy down.I give out loans at low interest rate of 3%.I give out loan to Business,Auto and personal loan to Men and women who are into Business transaction, I give out long term loan for three to five years maximum with your interest in this you can as well tell me the amount you need so that I send to you the terms and condition that is if you are realing interested in getting a loan from me, Loan is given out in Pounds and $US and SGD the maximum I give is 5,000,000 both in pounds and $US and the minimum 1,000 pounds and US$ and SGD so if really you are interested mail for more info on how the loan can be transfered to you. There is one Question i have to ask are a serious individual that we take a loan and pay back after duration with the interest, if you are honest I will trust you because I like to do business with Honest people if you are one you will get the loan with out problem and for your information if you should more loan like $10,000,000m I can give only if you are one of these cartigories: Manager of a company A private Holder A broker in banks A director in any office or company A high investor of and compay If you are one of the following you can get $10,000,000US as loan or if personal loan you can request for 5,000-5,000,000 as loan. hope to here from you soon. NAME:............................ PHONE:........................... COUNTRY:.........................
LOAN AMOUNT NEEDED.....................sen... these info it is important. Mind you loans is given to every part of the world only if i see you to be honest and will pay back after duration. If you are interested you have to send the amount you need as loan so that i can give you the terms and condition on the loan for your information loan are given to every part of the world on honest people so if you are honest apply for the loan now at cpc_consultant@yahoo.com

2007-02-14 02:56:07 · answer #5 · answered by Anonymous · 0 1

The two of you can get a home loan, anyone can but the interest rate will be pretty high.

2007-02-13 09:00:28 · answer #6 · answered by Anonymous · 0 1

Try the below company. There's something for people with credit problems

2007-02-13 09:27:11 · answer #7 · answered by Anonymous · 0 0

In joint applications, little attention is paid to the lower score. Assuming you bring in an income, that will help the application more than your score will hurt it.

2007-02-13 11:04:30 · answer #8 · answered by Rob D 5 · 0 1

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