I want to refi and pay down some debt but we've had a few rocky months.
2007-10-13 07:38:46 · 5 answers · asked by shell_921 1 in Business & Finance ➔ Credit
What about getting an FHA loan? Anyone have any insight?
2007-10-16 03:21:51 · update #1
In today's market with the sub-prime loans taking so much heat already and the credit history you describe, not very likely.
2007-10-13 07:47:20 · answer #1 · answered by ? 7 · 1⤊ 0⤋
In todays market not to real good, if by chance your original financing was for 100% and you have no equity then would not consider even trying, as your application will send your credit rating lower, in an attempt at a useless cause. If you have at least 20-30% equity, then you have a chance. slim, but a chance. You would be better served by paying down those debts, and paying on time especially your mortgage, thus raising your credit score.
2007-10-13 08:19:55 · answer #2 · answered by Pengy 7 · 0⤊ 0⤋
I would say very slim. The worst thing to hurt your credit score is being late on MORTGAGE payments. With that 550 score which is not a good one at all. Recently all lenders had raise their standard on approving mortgage much higher now. It is like 770 now....
2007-10-13 09:20:21 · answer #3 · answered by Anonymous · 0⤊ 0⤋
No mortgage company will give you much. You're tainted, and stay away from the debt elimination places. It's like fraud.
2007-10-13 10:45:30 · answer #4 · answered by Steveo 5 · 0⤊ 0⤋
not too great. if you get one it will probably have high fees and interest.
2007-10-13 07:41:37 · answer #5 · answered by liajewelry 3 · 0⤊ 0⤋