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jjp
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0.10 Dollars($)
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 Posted: Wed Jan 04, 2006 3:30 pm Post subject: possibility of getting a loan |
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I am having a low credit score in the range of 600 while my wife is having a good one of 700. While I approached a lender he said that my score being on the lower side will be counted for the loan. I have informed the credit bureau for repair recently. I need the loan quick. Is there any possibility to get one?
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murphy
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0.10 Dollars($)
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| Posted: Wed Jan 04, 2006 3:51 pm Post subject: |
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| You have not mentioned your wife's income. If that is a satisfactory, then perhaps she can qualify for a stated loan in her name individually. That will be quick and may suit your requirement. |
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jjp
Guest
0.10 Dollars($)
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| Posted: Wed Jan 04, 2006 3:57 pm Post subject: |
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| What is a stated loan? Is there any specific requirement to qualify? |
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murphy
Guest
0.10 Dollars($)
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| Posted: Wed Jan 04, 2006 4:57 pm Post subject: |
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| Stated loans are available to borrowers who do not wish to prove their income. It is usually designed for self-employed borrowers or borrowers who would prefer to state their income then to submit a proof. |
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 jameshogg
Joined: 20 Dec 2005
Posts: 1435
Location: nevada
197.34 Dollars($)
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| Posted: Wed Jan 04, 2006 5:07 pm Post subject: |
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Stated loan is fast to get approved as it requires minimum verification. The job will b verified but you need not give a proof your income. You have to state your income only.
You need to have a good credit score in the range of 700 to qualify. With high credit score the loan approval will take a shorter time. Minimum documents are required and the rate is lower than a no-doc loan although higher than a traditional loan.
James |
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blue
Joined: 21 Oct 2005
Posts: 1138
Location: MARYLAND
137.64 Dollars($)
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| Posted: Wed Jan 04, 2006 5:19 pm Post subject: |
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Hi Jjp,
It is wise to take your name off the mortgage application since you have a bad score. If the primary earner is the one with the bad credit then the of getting a mortgage will reduce further.
Under that case stated income loan is a good option, although the rates may be higher than the conventional mortgage. Also this loan may require a large down payment.
Regards,
Blue |
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Cliff
Moderator
Joined: 04 Oct 2005
Posts: 46
Location: Arizona
3.70 Dollars($)
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| Posted: Thu Jan 05, 2006 8:52 am Post subject: |
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Hi jjp,
Out of curiosity why is your credit score lower than your wifes?
Who is the primary wage earner? Where in the 600's are your scores? If your scores are in the mid-600's you could still qualify for a loan, but it wouldn't be a great rate but if your wife is the primary wage earner putting just her on the loan would definitely give you a better rate.
I would suggest that you shop around, don't settle for just one Mortgage company. Make sure that they are looking out for you and not just for themselves.
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Cliff and Sandra
Loan Officers
Conventional & Sub Prime Specialists
Loans done in 50 states |
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