I currently have a credit score in the 570's but only work part time, my husband's is in the 470's but is the primary income, Does anyone know of mortgage company who will do this type of a loan? Please Help!!!!!!!
2007-06-21 07:51:39 · 5 answers · asked by gonzomars 2 in Business & Finance ➔ Renting & Real Estate
They have REALLY tightened up the mortgage application process. With your poor scores, you will end up paying a much higher rate, if you can get approved at all. My suggestion to you is to stay in your apartment, and pay your bills on time. Every time. Get a credit card or two, and pay those on time, every time. If you can do that for a year or two, your score will start to go up, and then it might be time to buy. If your bill paying history is that bad that your scores are this low- renting might be your safer choice for now anyway, until you are sure you can handle all the expenses that a house comes with that an apartment does not (taxes, homeowners insurance, utilities, home maintenance, etc)
2007-06-21 08:04:27 · answer #1 · answered by bmwdriver11 7 · 0⤊ 0⤋
Only Guido the Local Loan shark. With the primary income source at a FICO of 470, you don't stand a chance. I recommend waiting for some time until you can get that score up substantially. If you ARE successful in finding such a lender, expect interest rates to be downright usurious.
2007-06-21 07:56:08 · answer #2 · answered by acermill 7 · 1⤊ 0⤋
Not going to happen. I'm not sure why the scores are so low, but you need to work on whatever issues there are; pay all unpaid bills on time or early. Clear any credit card accounts. Your part time job won't help - the income will be too low to make a difference. Get a full time job, and do the things I've suggested. You will eventually build his and your scores up. (Even your credit score is pretty low; you need scores in the mid 600s or higher)
2007-06-21 08:01:00 · answer #3 · answered by Enchanted 7 · 0⤊ 0⤋
Forget trying to use your husband. Some lenders will do a "stated income" loan for you at a 570. It depends on several factors though such as how much you need to borrow in relation to the sales price or appraised value, and whether you've had a previous bankruptcy or foreclosure. You need to look for a subprime lender or broker who does subprime loans.
2007-06-21 07:58:41 · answer #4 · answered by LittleMomma 3 · 0⤊ 1⤋
Be very, very careful. With the implosion of the sub prime market what you are asking for is going to be difficult if not impossible to find. If it is out there it is going to be very expensive, have a pre-payment penalty and the rate wil be sky high. The scammers and spammers will be circling like sharks in a feeding frenzy.
2007-06-21 07:58:29 · answer #5 · answered by mazziatplay 5 · 0⤊ 0⤋