Me & My fiance clear after taxes about 4000/month our rent alone is 900 and we pay utilities and have never fallen behind. We also have savings adding up to 26000 in total, I also have another property worth 25000 which I inherited, as well as 2 antiques appraised at 10000 value. We have a few petty debts affecting our credit total is about 3500. My credit score is 600 his about 630 do u think we can purchase a house with out a co signer? I have been at my job for 7 years and him 2.5 years. I am so tired of hearing NO NO NO so I just want some proffessional advice. Thanks CANADA by the way
2007-10-09 08:53:39 · 2 answers · asked by amanda b 3 in Business & Finance ➔ Renting & Real Estate
With those credit scores it is going to be tough. The market is a little adverse to risk right now. Scores in the low 600's are not going to convince a bank approve a mortgage.
I'd look at your credit hard. Do you know what is dragging down your credit? It's not debt. Do you have a poor history? Not enough credit?
2007-10-09 09:21:44 · answer #1 · answered by Jay P 7 · 0⤊ 0⤋
Depending upon who you are working with, you might investigate a couple of things.
1. A good mortgage broker company. At our firm, we work with around 50 different lenders and each in turn has several programs available.
2. If you presently don't have a home, sometimes a first time home buyer program is available which, can help ease you into a home.
3. It's probably a very sound financial move to get into a home with some speed. You get various tax considerations by owning that, you don't get while paying rents.
2007-10-09 16:42:00 · answer #2 · answered by The Loan Arranger - ABQ, NM 2 · 0⤊ 0⤋