I have 590 credit and she has good and owns already but one bank turned us down any ideas
2007-05-30 11:31:32 · 5 answers · asked by cdirewolf 1 in Business & Finance ➔ Credit
Could it be possible that your debt to income ration is above the limit of I believe 36%. In other words your total income will not support the total debt you are trying to accumulate. Or with the tightening or credit are you looking for 100% financing or do have money to put down. Many open questions, in a volatile market
2007-05-30 11:37:29 · answer #1 · answered by Pengy 7 · 0⤊ 0⤋
Great answer NAVY I guess that is why I make easy over 100K /year as a mortgage broker that does a lot of SUBPRIME -and the person your answering this question for i guess doesn't deserve a mortgage either considering they arent a 650 score...What really happened was all these SUBPRIME people you think are the scum of earth and dont deserve a home to raise their kids in were'nt educated and they got into 2 yr ARMs when real eastate was booming -now they are adjusting and cant afford it all while the markets are leveling and now their LTV's are too high!! That is why!!Almost everyone deserves a mortgage its just a more responsible borrower get a better loan....I actually change peoples lives everyday that may forclose and cant pay bills so I refinance them and structure their debts to be paid off -Also educating them on how to become a much wiser borrower....If you have any questions you can email me if you really want a professional answer - but yess you can get one and do deserve a mortgage
2007-05-30 12:02:33 · answer #2 · answered by Loeby7 1 · 0⤊ 1⤋
The primary borrower is the one that makes the most money, so if your income is higher than your wife's they will go by your credit score. There are alot of factors involved in qualifying for a loan, for example what are your debt ratios (debt vs income) can you prove your income, do you have paystubs and income taxes or are you self employed and write everything off on your taxes? etc etc, I have lenders that will do 100% with a 580 (yours being 590 you should be fine, if you can document your income), send me an email at superloanlady@yahoo.com with the state you are in, have you already signed a purchase contract, if so, for how much and I will see if I can get you pre-qualified. Be careful though, don't go applying everywhere, each time your credit is pulled it lowers your score.
2007-05-30 11:50:37 · answer #3 · answered by superloanlady 2 · 0⤊ 0⤋
Marty, from Premium Loan Sharks, looks for victims, mostly newbies like you, here. He is a scammer victimizing some of the naive people here. Yahoo routinely kicks him out, but he continues.
Do not contact him, he has no intention of helping you anyway. Unless of course you count helping you out of your life savings. Don't contact the other scammers either. I can't believe some people, "everyone deserves a mortgage", blah blah blah. People who do not pay their bills do NOT deserve free housing.
You are not that far away from having decent credit. Since you already own a home I am assuming that you are looking for an investing loan, they have higher interest, but qualifying is the same. You need to spend the next couple of months and raise your score over 630 and then try. If you have suitable income you will not have trouble.
2007-05-30 13:25:17 · answer #4 · answered by Anonymous · 0⤊ 0⤋
Most mortgage companies will only consider you if you both have at least a 650. Subprime lenders will consider you, but most of those guys just went out of business right after screwing over the entire country by lending to people that should have never have gotten a mortgage in the first place.
2007-05-30 11:41:57 · answer #5 · answered by Anonymous · 1⤊ 0⤋