I have a discharged bankruptcy (over 2 years ago) with a credit score of 605 (and continuously rising on a monthly basis). I'm looking to buy a house and wanted to know what's out there. Adjustable vs. fixed rate? Direct lender vs. mortgage broker? 20% (around 60K in my area) or no-money down? I worked with one mortgage lender who is a total nut, pulled my credit report before we even finished talking, and won't explain anything to me. I need help from the Central Jersey area if possible. I need serious help and the internet just isn't enough.
2007-02-19 10:14:32 · 5 answers · asked by Alice V 1 in Business & Finance ➔ Renting & Real Estate
Lenders will give you a loan now, but your best bet is to wait a couple more months. Once your score is at 640 you will get a much better quote on your loan. This will also give you time to put a few dollars away and to research the areas in wich you want to live.
As far as improving your credit, try to keep all your credit cards under 50% of thier max amount, and make your payments on time. You should also refrain from letting anymore people check your credit for a the next fw months. Having lots of checks does lower your score, but they disappear after 90 days.
You should definately get a mortgage broker you can trust. It sounds like this guy is a little shady. Brokers are much more likely to find a program for you at decent rates. They should find out about your specific situation before telling you what you need.
A fixed loan is not always the best option for someone. I fyou do get a variable just make sure it covers the length of time you plan to be in the home.
2007-02-19 11:04:14 · answer #1 · answered by Ron B 3 · 0⤊ 0⤋
the secret behind the barnkruptcy is if you have reestablished good credit since with no negative credit. if you have done that it is possible to get a mortgage.
there are many people (bankers and brokers alike) who will try to give you a high rate sub-prime loan but if you are buying a house that is within the fha loan limits you will be able to get an fha mortgage at a competative 30 year fixed rate mortgage.
there are no income limits (restrictions) but there is a maximum loan amount based on the county you are in. to find out the maximum loan amount you can go to www.hud.gov click on buying and then look for the icon that say loan limits.
if you want help you can send me an email and i will be happy to help you or you can call 1-877-OK-MONEY for help on FHA mortgages.
in the meantime, i wish you the best of luck
2007-02-19 10:56:32 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Your credit is bad, but the lenders are more interested in the property you are buying. If you are buying a property that has a lot of equity in it (20% or more). You could get a mortgage with on down payment.
Just concentrate on owning a property for now. Your next house can be your DREAM HOME.
2007-02-19 10:24:55 · answer #3 · answered by whatevit 5 · 1⤊ 0⤋
Our offices are located in Jersey. We can give you credit repair and a loan. Email me at mtgofficer26@yahoo.com if your interested.
2007-02-20 12:59:44 · answer #4 · answered by Phil H 2 · 0⤊ 0⤋
I agree get a house thats more money I,m doing that myself, good luck
2007-02-19 11:52:19 · answer #5 · answered by pattibcacl 6 · 0⤊ 0⤋