Posted: Mon May 15, 2006 5:38 am Post subject: Mortgage suggestion?
Hello, my husband and I are 1st time homebuyers. We make just over $60,000 per year. We are thinking about going to get preapproved...Im worried we will not get a loan because my credit score is only 590, although my husbands I believe is atleast 700...We have about $10,000 to put down and have been paying over $700 per month rent so I know we can afford a mortgage. Suggestions? _________________ Need help choosing the right loan? Get free consultation from community lenders/consultant
590 is reasonable good score, though not excellent. You can get loan but you need to shop around well. Try to look for some lenders, if you have been regular with your payments then those thing will help you and will work in your favor as potential borrower. _________________ Procrastination is the enemy of your financial sucess
We have a Community of lenders with us who deals in variours types of loan, some of them also deals on low credit scores. You can do a no obligation loan signup with us at http://www.mortgagefit.com/signup/
Once you signed up, our loan department will contact you to carry out the further procedings. Please refer http://www.mortgagefit.com/procedure.html to know how things will be followed after signup.
Now a day I see many people ask me "How I am going to get the loan with such credit score?" This is something we should set aside as things has changed and now if you are regular in your payments and if you have a reasonable income to carry out the loan then despite being your credit on the lower side, you will get the loan and with a reasonable rate.
I always suggest one thing, we need to be perfect with our home work before approaching to the lenders. I mean our all papers should be up-to-date, we need have a dispute free credit report if any and all.
Hope I have been able to convey my thoughts to you.
Good Luck
Niicss _________________ Good is the Enemy of Great.
Did your husband try to get the loan alone in his name? Since your husband has a reasonable score so, I think it will be somewhat easier to get the loan in his name in his name.
You may try with his name as the primary borrower on the loan. 590 is a poor score but not so bad to be denied for all kinds of loans.
The rate may be a little higher. But you need to do some shopping around to get the lowest rate possible within these conditions.
You may also take the help of MortgageFit to get a suitable lender for you or may search it yourself.
2: Who brings in the most money between the two of you?
3: How recent are these scores?
4: How long have you been at your jobs?
These are a few things that lenders/brokers look for. With both you and your spouse trying to qualify for a loan together may affect your loan because most lenders will take the lowest of the two scores and base the loan off of that score. Another thing that we look for are your ratios (for certain types of loans). An example of a ratio that lenders/brokers look for is your DTI (debt to income). This takes into account the amount of monthly payments (your debt) in dollars you are making towards your credit cards, car loan, prospective mortgage etc and compare it with the income you are bringing in. This ratio gives the decission makers either the red light or the green light.
There may be a lot of other programs for you and your spouse that may fit your particular situation. The length of time on a job or at least in the same field does play a part also in the lending equation. With mortgage programs now a day, there is a loan to fit most anyone. _________________ Cliff and Sandra
Loan Officers
Conventional & Sub Prime Specialists
Loans done in 50 states
Thanks for everyones good advice...to answer your questions Cliff...
A few questions to you:
1: What has caused your score to be at 590? -college..went out of state to school, had little $4 adn used my charge cards too much, got into troubole paying them and had late payments...
2: Who brings in the most money between the two of you? -WE both make about the same, he makes about $5000 more per year than I...
3: How recent are these scores? -my score is from a couple months ago...
4: How long have you been at your jobs? -I've worked for a university for 8 years this June, he was at the same job for 6 years and at his present job about 2...
Im thinking maybe him applying alone is the best option?
Thanks! _________________ Need help choosing the right loan? Get free consultation from community lenders/consultant
Posted: Tue May 16, 2006 5:51 pm Post subject: him applying alone is the best option
Hi,
Welcome to MortgageFit Forums.
As Cliff mentioned, a poor credit score doesn't close all the options for you and you can still qualify although you may face some higher interest rate.
You must look for some good brokers in your area and must do some shopping around to get a favorable rate. Since your husband is having a better credit score it's better for him to qualify alone with some better terms and rates.
One more thing that I would have liked to know is your DTI. Other options seem to be ok for you to qualify.
So, don't get worried. As a suggestion I would like to tell you to get prepared before you approach a lender with a loan request. This will help you in your approach as well as save your time in getting approved for a loan. Check whether you are prepared with the documents that may be asked by the lender. You can go through this section to have a better idea on this.
Finally, I can understand that there might have been some unavoidable requirements that have put your score in such a position and you can always improve on it by staying regular on your payments. That will help to get favorable terms as per your need.
Feel free to ask if you have any more queries. We will try to help you in the best possible way we can.
It would seem more feasible for your husband to get qualified on his own. The down side to him getting qualified on his own:
1. His Debt to Income Ratio needs to fit lender's/brokers guidelines
2. You would not be on the loan to help increase your score
Now a few questions for you again:
How soon are you looking to purchase?
What price range are you looking at?
What state are you in?
If you are not looking to purchase within 6 months to a year. I would suggest you work on your credit score. So that you both can be on the loan.
As Samantha said, don't worry. We are all here to help and give you advice and steer you in the right direction. _________________ Cliff and Sandra
Loan Officers
Conventional & Sub Prime Specialists
Loans done in 50 states
Thanks again for the helpful info..here the info you asked...
How soon are you looking to purchase?-this year, if possible
What price range are you looking at? 100,000-130,000 (if possible)
What state are you in? New York...
Posted: Wed May 17, 2006 5:08 am Post subject: RE:suggestion on mortgage
Hi Guest,
It's good to see people in our Community coming forward to help you with their knowledge and advice. Hope you are satisfied with their suggestions.
See, it's all about participating and communicating with others that enhances our knowldege, so if you have any other queries, do let us know. Our Community will try its best to help you in every possible way.
I would suggest that you really shop around for a lender/broker. Make sure that they are looking out for your best interest. If you have more questions our board is always willing to help.
Good Luck _________________ Cliff and Sandra
Loan Officers
Conventional & Sub Prime Specialists
Loans done in 50 states
adonis
