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I have a home right now in AZ that is going to be refinanced. I would like to move to SC. My credit is pretty much shot. Do you think it's possible that I could get anther mortgage? I have a low credit score and limited income. That's one of the reasons I would like to move and buy something much cheaper.

smithsussane · Posted: Sun May 17, 2009 9:19 pm Post subject:

Hi jinx!

Welcome to forums!

You have mentioned that you have a low credit score and limited income. Both of these can go against you when you apply for a mortgage. Moreover, you already have a mortgage on one of your properties.

You can try improve your credit score first and then look out for loans. Have a look at the given link to know some of the steps to improve your credit score:
http://www.mortgagefit.com/credit-rating/credit-repair.html

You can even try to sell off your existing property and then apply for another loan to buy a cheaper property.

Feel free to ask if you have further queries.

Sussane

danielcorral13 · Joined: 20 Apr 2009 Posts: 53 0.69 Dollars($)

Hello Everybody.

I liked smith's opinion he is right as you mentioned your credit score & income is low it will harm to your loan application. You must have to increase your credit score i urge you to increase your credit score as well as your annual income for that.

I visited give link by Smith there is important & useful for you.

Thank You so much.

Realgeni · Joined: 13 Apr 2009 Posts: 1434 99.76 Dollars($)

Jinx if you are goign to refinace and lower your paymenet then after that go ahead and rent your house, which can help you to pay your mortgage. Move to SC and rent a plac for your self and save some money and improve your credit score.

As you see the housing market has gone doen and no need to hurry. Prices are not goign back.

manoj_gopale · Joined: 16 Feb 2009 Posts: 488 0.00 Dollars($)

If you are planning for the cheap rent then this is the right alternative to rent a room in SL and have a difference of rent as your income.

But by that time make sure you pull out the credit report and do something to improve your credit score.are you employed?

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