2007-08-25 02:00:02 · 10 answers · asked by Anonymous in Business & Finance ➔ Credit
Your score says you have financial problems. If you can't manage your money now, you probably won't be very successful owning a home. There are lots of additional costs.
Even with a large downpayment, it might be hard to find a mortgage with those scores. You should work on cleaning up your credit first. Pay off the credit cards. Concentrate on the highest interest one first, while paying minimum on the rest. Then move on to the next till they are all paid in full. Then work on settling negatives on your credit report.
You'll need at least two years of consistent on time payment history to bring up your score enough for a mortgage.
2007-08-25 03:43:16 · answer #1 · answered by bdancer222 7 · 0⤊ 0⤋
The chances are pretty low. Your only chance of getting a home mortgage is in the form of an FHA loan if you haven't had a Chapter 7 bankruptcy discharged in the last 2 years.
I would look for a mortgage broker in your area who does a lot of manual underwrite (very important that they do the Manual underwrites) FHA loans. The second thing you want them to be able to do is to help you clean up your credit so that even if they can't help you at this moment, they can let you know so sometime in the next 6 to 12 months you will be ready. (They may need to charge a small fee to order credit and credit supplements - $25 to $50) Don't just give up if they say they can't help you now. Find out what you need to do to get an FHA home mortgage in the near future and get started today. Be very proactive. Don't just hope time will cure your credit problems or you will be in the same boat when you try again. Good luck.
http://www.alabama-mortgage-specialists.com
2007-08-25 02:54:23 · answer #2 · answered by Rono 2 · 0⤊ 1⤋
Mortgage rates differ a lot and are based on your credit rating and the value of the home.
Fixed mortgage rates use the current interest rate throughout the duration of the mortgage. If you want to pay a fixed amount every month, opt for fixed mortgage rates. Adjustable-rate mortgages vary according to economic scenario and hence can rise or fall. This means your monthly payments will vary as the interest rates change.
2007-08-25 15:33:31 · answer #3 · answered by Pitty T 2 · 0⤊ 0⤋
WELL YOU SHOULD NOT HAVE 3 CREDIT SCORES..... IF YOU WENT TO FREE CREDIT REPORT.COM THEN THOSE ARE NOT ACCURATE. I WENT THERE AND THEY TOLD ME THAT MY SCORE WAS 512,515,525. SO I WENT TO GET A CAR... AND THEY PULLED MY BEACON AND IT WAS 487 AND THAT WAS THE NEXT DAY. SO GO HAVE SOMEONE PULL YOUR CREDIT. THEY WILL TELL YOU WHAT YOUR ACTUAL BEACON IS.
OK THE HOME LOAN. I HAVE BEEN TOLD THAT YOU CAN GET A HOME LOAN WITH THE MINIMAL SCORE OF 620. I CALLED AROUND AND THAT WAS TRUE UNLESS IF YOU ARE TRYING TO BUY A HUD HOUSE. SO I WOULD TRY TO GET SOME REVOLVING CREDIT. IF YOU HAVE NOT ESTABLISHED NONE THEN I WOULD WAIT UNTIL YOU GET TO THE 620 MARK THAT WAY YOU WONT HAVE AN OUTSTANDING INTEREST RATE. IT'S LIKE BUYING A CAR.... AND YOU WILL HAVE TO PUT LESS DOWN ON IT.
2007-08-25 03:16:10 · answer #4 · answered by 0o_fEmMeLiCoUs_o0 2 · 0⤊ 2⤋
There are hundreds if not thousands of websites on the internet enumerating the ways to apply and receive home loan when you are plagued with bad credit issues. These sites help consumers with bad credit scores to increase the viability of their existing credit scores and set up loans regardless of their credit history.Companies that specialize in bad credit home loans; usually offer a wide range of options for consumers with bad creditBad credit hasn't stopped them from purchasing a home. There are several programs available for people with bad credit that helps to restore their credit status and to live debt free lives.
2007-08-25 06:13:16 · answer #5 · answered by Anonymous · 0⤊ 1⤋
Banks are really being tight right now. Even people with good credit are not able to get loans.
2007-08-25 02:05:48 · answer #6 · answered by Anonymous · 0⤊ 0⤋
unless you have a seroius down payment the probablity is low
there are companies that will guarentee to raise your score and landers that once you get financed will credit you the fee to raise your score if you finance thru them
2007-08-25 02:29:38 · answer #7 · answered by Anonymous · 0⤊ 0⤋
Really interesting question, looking forward to going through the answers
2016-07-30 02:01:25 · answer #8 · answered by ? 3 · 0⤊ 0⤋
I was on YA for something or other, but this topic was shown on the sidebar...
2016-08-24 13:27:35 · answer #9 · answered by Anonymous · 0⤊ 0⤋
it depends...
2016-09-19 02:05:36 · answer #10 · answered by ? 2 · 0⤊ 0⤋