had a chapter 13 filed 3 and a half years ago and i would be a first time home buyer
2007-08-24 12:31:27 · 6 answers · asked by anthony g 1 in Business & Finance ➔ Personal Finance
Hello, I’m pretty sure you know that your credit score and credit history are very important factors when it comes to obtaining a mortgage that best works for you. Although your current score isn’t considered a “bad” score, it does show some room for improvement.
And, although almost any mortgage company will have a program you’ll qualify for with that score, it isn’t the ideal score to place you in the best mortgage situation. In other words, you’ll get a higher rate and a bigger payment than someone with a better credit score.
I recommend you consider taking some steps to re-build your credit in order to increase your credit score. It’s going to take time, but it will be worth the wait when you consider that you’ll most likely receive a much lower interest rate on your mortgage loan.
I have included a link with great information regarding help with improving credit scores.
I hope this answers your question. Good luck!
2007-08-27 09:10:31 · answer #1 · answered by Quicken Loans 5 · 0⤊ 0⤋
With all the pressure on the subprime market it will be a bit harder to get a loan now with a 637 score.
If you have 20% for a down payment and have been paying all your bills on time and have a good income, it may be possible.
Sit down with a mortgage broker and they should be able to tell you.
2007-08-24 12:54:18 · answer #2 · answered by mister_galager 5 · 0⤊ 0⤋
In todays market if you have 20% to put down and closing costs you should be able to if not SOL unless you want to end up in foreclosure in a couple of years, because you took a teaser ARM. Even those are not that much available anymore. Alt-A market is crashing and prime is getting tougher.
2007-08-24 12:41:53 · answer #3 · answered by Pengy 7 · 0⤊ 0⤋
If you have a large enough down payment and a good job you could get a high rate mortgage.
2007-08-24 12:42:03 · answer #4 · answered by shipwreck 7 · 0⤊ 0⤋
plan on renting for at least 18 months and get more down payment saved up and try to raise you credit score a little more!!!
2007-08-27 13:33:59 · answer #5 · answered by mister ed 7 · 0⤊ 0⤋
I believe the answer you're looking for can be found on this site. They've got lots of info about the subject.
2007-08-24 17:57:46 · answer #6 · answered by Anonymous · 0⤊ 0⤋