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Even though I've been at my employer 7 yrs & my Hubby 6 yrs. Any tips, advice??

2007-12-06 06:46:52 · 7 answers · asked by Anonymous in Business & Finance Renting & Real Estate

We figure we'll probably pay a higher rate until we can re-finance--is that right??

2007-12-06 06:47:20 · update #1

Bad credit--from years ago...don't assume. THANKS!

2007-12-06 07:03:05 · update #2

No Foreclosures, Re-Po's or Bankruptcies.

2007-12-06 07:04:58 · update #3

7 answers

If you credit score is 520 or higher YES u can get a mortgage.. subprime.. I am in the process of qualifing for one.. higher interest rates but u can do it.. Dont let anyone tell u other wise. I am sick of people putting us down for having bad credit.. sometimes life makes this happen.. you cant help it.. and do you actually think we DONT want to pay our bills? NOT so.. just things happen am i right/ and as for yourpast.. same thing with us.. I believe everyone deserves a home of their own.. NOT just for certain people. give people like us a chance.. what we did in the past when we was YOUNGER.. is jsut that .. in the past... Keep searching out there and get alot of information before you settle with one mortgage company..

2007-12-06 23:09:06 · answer #1 · answered by rhonda_good2006 1 · 1 0

The simple answer is yes. Lenders have tightened up their standards and raised their qualifying credit scores so it would be difficult with low scores/bad credit. Why is your credit bad? Behind on payments? Bankruptcy? Collections? Judgements? Are the problems easy to fix (get caught up on payments) or more difficult (waiting for 2 years to pass after a bankruptcy).

But it is relatively easy to raise your scores. Lower your balances on revolving credit (credit cards). Cancel credit accounts you do not use. Have diverse credit (credit cards, student loans, auto loans) and show you can handle those account sby paying them on time.

There are many factors that go into a loan approval and good ones can offset bad ones. For example: lets say you have a credit score of 590 - a bit low for a typical conventional mortgage at todays 30-yr rate of 5.875. However you are putting 10% down on the purchase, you have solid employment history, and you have reserves (IRA's, savings accounts, 401K's, etc.). The low score could be offset by those other factors.

It is a bit of a guessing game but a good mortgage broker will be able to tell you if the good outweighs the bad. If not, what terms are you looking at now and how long do you need to wait to get a better rate (and what do you need to do to enhance you chances of a better rate).

2007-12-06 14:59:58 · answer #2 · answered by thinking-guru 4 · 1 0

If you truly have bad credit be leery of anyone wanting to loan you money. This is why the subprime crisis is happening now. These lenders gave money to people with bad credit assuming they weren't savvy enough to understand the terms of the loan- and they were right.
You and your hubby need to work on getting your credit back in shape before thinking of a home loan.
Pay down your debt so that no single card has more than 30% of available credit charged on it (obviously the ideal is to pay everything OFF but you're only human) Do not close credit accounts once you have paid them off. Keep them open. lenders like to see that you have credit available you're not using. And the single most powerful tool you have at your disposal is paying on time every time. That in itself will increase your score.

2007-12-06 15:17:49 · answer #3 · answered by LB 6 · 1 0

One reduce your debt, if you have a high credit to debt ratio you basically cannot afford it and that also keeps your credit score down, next save up 20% downpayment and closing costs that saves you PMI insurance and shows you have an investment in the home also which loosens requirements

2007-12-06 17:58:26 · answer #4 · answered by Pengy 7 · 1 0

C'mon....would you give a mortgage to someone who consistently does not pay their bills on time. Really...that does not make someone a bad person but your credit is everything. That's was determines who you are financially. Everything is based on your credit score and history. You will most likely be turned down for a mortgage. Sorry to be blunt.

2007-12-06 14:56:46 · answer #5 · answered by mrsdeli 6 · 0 1

Right now with the mortgage situation you prolly do not qualify. Work to improve your credit and try again later.

2007-12-06 14:54:45 · answer #6 · answered by Anonymous · 1 0

Re financing cost money.Do what you have to do to keep your payments down.
Read over the terms of the home loan BEFORE you sign it.

2007-12-06 14:57:52 · answer #7 · answered by Fred F 7 · 1 0

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