I posted earlier, I have a few more things to add, I was inquiring on getting a $100,000 loan to purchase a house. Credit rating of 629 with $5000 gross monthly income and in debt $3444.00. Has anyone been in a similar situation or any advice? Thanks for your time.
2007-06-18 09:07:29 · 4 answers · asked by momma whitley 2 in Business & Finance ➔ Credit
Question is the 3444.00 total debt, and against how much credit? In either case you especially if you have 5-10% down should have no problem, again improve the score and improve the rates. Getting the score above 670 would help tremendously, above 720 immensely but it is possible where you are now, and that can be accomplished in less than 6 months In any case Good luck to you
2007-06-18 09:18:24 · answer #1 · answered by Pengy 7 · 0⤊ 0⤋
This is pretty similar to my 1st house purchase situation. In fact, I'm wondering if you are following my exact foot steps. The only thing that could get you is if you are calculating your debt correctly. I take it that $3k or so is in credit cards? Are you not paying on a car or student loan? If not, you should look into FHA loans and also an 80/20. Stay away from Adjustable rates.
2007-06-18 16:19:21 · answer #2 · answered by Anonymous · 0⤊ 0⤋
With 629 you will get the loan. Try to pay of the debts or consult with a debt consolidator and they will help you.
To know more you can visit
http://www.debtconsolidationmanagement.blogspot.com
and
http://www.geteasyloans.blogspot.com
and
http://www.easyhomeloans.blogspot.com
2007-06-18 17:51:42 · answer #3 · answered by Della G 1 · 0⤊ 0⤋
wow..just 3 grand in debt. that's great. you you'll be fine. your credit score is good also. you'll get the house. just keep your credit up and stay on top of your bills.
2007-06-18 16:16:19 · answer #4 · answered by Anonymous · 0⤊ 1⤋