My wifes is about the same
2007-03-15 06:50:55 · 10 answers · asked by Gary GMAN 1 in Business & Finance ➔ Renting & Real Estate
You sure can. If your bank doesn't give you a good rate, check with a mortgage broker who will do the footwork for you.
2007-03-15 06:54:18 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Yes. And do not even consider accepting a subprime loan.
You should qualify just fine (credit-wise) for an FHA loan, or a Fannie Mae My Community Mortgage, or Freddie Mac's Home Possible product.
FHA requires 3% downpayment (can come from gift, grant, almost anywhere).
The Fannie/Freddie products allow 100% financing, at very good rates, with reasonable mortgage insurance.
Most big banks like Wells Fargo, Citi, Bank of America, etc... all have their own proprietary first-time buyer programs as well, as part of their Community Reinvestment Act requirements.
Also, do a search online for the housing finance agency for your state. They can direct you to any grants or subsidies you might qualify for.
And anyone who tells you that a subprime loan is your only option, just has no idea what they are talking about.
Good luck.
2007-03-15 07:40:33 · answer #2 · answered by Yanswersmonitorsarenazis 5 · 0⤊ 0⤋
I'm a mortgage broker from Edmonton ALberta, and if you are looking for 100% financing then the "A" lenders require a minimum beacon score of 680. However the"B" lenders will give you 100% financing but at a higher rate. You would be able to qualify with 5% down @ an "A" lender.
2007-03-15 06:59:58 · answer #3 · answered by Anonymous · 0⤊ 0⤋
It will be, as long as you go through a sub-prime lender. By that, I mean that you should try to find a mortgage company that specializes in hard-to-place home loans. They normally offer really competitive interest rates and act as a broker to lending companies with various types of loan programs, in order to find the best fit for you. If you go to a lender such as this, your credit score will be on the high end of what they normally work with. I used to work for such a mortgage company, and we used to have tons of really good loan programs available to people with scores of 620 or above. Be prepared to provide employment and residence history for 2 years, and also have your paystubs from the last 2 months and W-2's from the past 2 years handy.
2007-03-15 07:01:25 · answer #4 · answered by fizzygurrl1980 7 · 0⤊ 1⤋
It is very possible for you to get a mortgage. I used to be a loan officer. My daughter currently is and her application process is free if you are interested in seeing what type of rates are out there. Her number is 240-843-4416 and she is with Premier Mortgage. Ask for amanda and tell her Gina referred you.
2007-03-16 05:57:29 · answer #5 · answered by glamour girl 2 · 0⤊ 0⤋
It's not a matter of "can you".
The more important question is, SHOULD YOU?
Pay down your debts, and pay your bills on time, and save money if you can, and you'll find your credit score improves, and having money to put down reduces the loan rate.
A year of saving will vastly improve your homebuying capability if your credit is weak right now.
2007-03-15 07:09:54 · answer #6 · answered by coven-m 5 · 0⤊ 0⤋
I was able to do it - especially if your a first time home buyer - kind of funny, I applied for a credit line at the bank that gave me the mortgage and they immediately refused me - i asked why - they said: "(Dummy), you mortgage was federally insured, you're not".
2007-03-15 06:59:44 · answer #7 · answered by mikeleibo 2 · 0⤊ 0⤋
Yes...when I bought my first house my score was in that same area (lower-mid 600). I received my mortgage with no problem at all.
2007-03-15 06:56:59 · answer #8 · answered by Enchanted 7 · 0⤊ 0⤋
I've met people who have gotten mortgages with bad credit as well as bankruptcies. So, to answer your question: Yes.
2007-03-15 07:01:45 · answer #9 · answered by Sven B 6 · 0⤊ 0⤋
yea
2007-03-15 07:00:56 · answer #10 · answered by Anonymous · 0⤊ 0⤋