If a fico score looked like Trans 540 Experian 520 Equifax 560
If I was trying to buy a condo for $93,900.00 would this be possible? What would be the best way? First time homeowner
2007-09-08 13:02:00 · 8 answers · asked by ignyte 2 in Business & Finance ➔ Personal Finance
you should look at government financing
with 2.25% down..you should get lower than 7.375 on the interest rate. for FHA
Good luck
2007-09-08 13:23:18 · answer #1 · answered by Anonymous · 0⤊ 0⤋
This is definitely possible!
I'd suggest looking into an FHA loan. They are not nearly as "credit-driven" as conventional loans. Also, they allow for a non-occupant cosigner, meaning your mom, dad, sibling, or other close relative could sign with you to improve your loan profile, and they don't have to live in the house.
FHA loans have much lower rates than subprime mortgages, and only require 3% down payment - which can be gifted.
Also - the guy who said NOT to go to a broker was somewhat misinformed. Brokers have access to all the same loan programs as banks, and then some...
The rates from a broker vs a bank will be very similar, especially on an FHA loan... unless you are getting quotes from a broker who's trying to rip you off.
As far as fees go... there are always closing costs when you get a mortgage. These fees will vary from bank to bank, and from broker to broker... to make a blanket statement that brokers' fees are always higher is inaccurate and misleading.
If you already have credit problems, a broker might be your best bet because they have access to more lenders and more programs.
2007-09-11 11:16:01 · answer #2 · answered by weissie20 1 · 0⤊ 0⤋
Yes, it is possible. Go to a reputable lender in your town, NOT a broker. While your credit scores are not great, you can still qualify for an FHA loan and you should not have to pay any points.
Also, check around in your state for first time homebuyer programs. In NM, our first time homebuyer programs offer lower than market interest rates, down payment assistance, and much more. Once you locate the agency in your state that can provide services similar to this, they can also recommend a lender that is familiar with their services and how to use them.
Don't let anyone talk you into going to a broker. You will end up paying 10% interest or more and a bunch of points when market rates are at about 6.25% right now.
2007-09-09 01:16:50 · answer #3 · answered by da bomb 3 · 1⤊ 0⤋
Your credit score rarely keeps you form getting a loan. What a low score does is increase your interest rate and other costs. Your income must be enough to support the payments even if your score is 750+. That is the main reason loans are rejected.
2007-09-08 22:07:14 · answer #4 · answered by STEVEN F 7 · 1⤊ 0⤋
Your credit scores are not great. It may be possible but you will pay a very high rate. I would suggest working on paying down any debt, making sure that you pay your bills on time, and having more years of credit history to improve your score.
I don't know anything about you so I'm improvising here.
2007-09-08 20:10:38 · answer #5 · answered by Unsub29 7 · 0⤊ 0⤋
With your credit score you will probably need a sizable down payment. Talk with a Realtor who can help you find financing.
2007-09-08 20:08:35 · answer #6 · answered by Suzy 5 · 0⤊ 0⤋
Check out http://www.mortgagefigure.com lots of information about mortgages, refiniancing, consolidation, bad credit mortgages and more.
2007-09-12 13:47:24 · answer #7 · answered by sideline2084 4 · 0⤊ 0⤋
im mad
2007-09-08 20:08:59 · answer #8 · answered by hanan a 1 · 0⤊ 1⤋