Bad Credit Morgage Loan possible?

lpschower · Joined: 29 Nov 2007 Posts: 1 1.53 Dollars($)

Hello I live in tampa, florida. I have a fico score of 583 and my wife of 580. First home purchase. Do you think we can get financed.

banker0679 · Posted: Thu Nov 29, 2007 10:15 am Post subject:

yes and no.

do you have 2.25% for a down payment?
do you have NO credit lates in the last 12months?
can you go full documentation?
do you have NO BK 13 in last 12months or NO BK 7 in the last 24months?

if the answer is YES ..then you can do FHA.

probably get a rate of 6.5% and lower for 30yr fixed

michelle · Posted: Thu Nov 29, 2007 2:54 pm Post subject:

Welcome to the forum lpschower.

When qualifying for a loan, there are many other factors in addition to your credit score as Banker noted above.

If you think you can safely say yes to most of his questions, I would suggest you contact a mortgage professional for a consultant. Even if you say no to some of his questions, it still might be beneficial for you to talk with a loan officer. They should be able to tell you rather quickly if you qualify and if not, what steps you need to take to be able to qualify soon.

Good luck to you. I hope you are able to buy a home soon.

jasonredding · Posted: Thu Nov 29, 2007 3:18 pm Post subject:

If you have enough money to put down you can almost always get financed.

The first place as banker mentioned is definetly FHA. They will be your best bet after that a good mortgage professional should be able to find you financing somewhere. Like michelle said there is lot more then just your FICO that goes into a mortagge decision.

what can you put down?
what is tyour credit history like?
what type of property are you buying?
what type and how much in assets do you have?

etc.

Find yourself a good mortgage professional and consult with them. If you have anymore question please feel free to ask or contact me.

Guest 0.10 Dollars($)

Good After noon lpschower,
I am an FHA Lender in Florida and with your scores being a first time homebuyer FHA is the perfect program for you. The government recently passed a bill so that you only have to put down 1.5% to purchase your home.

And there are many grant programs out there for down payment assistance. Let me know if I can be of any further help I am always available to chat!

Bradley D. Gertz
Office: 561-746-1484
Cell: 772-607-1925
Fax: 561-746-7383
email:"brad@accesslendinginc.com"

[Email address deactivated as per forum rules. Thanks.]

All times are GMT - 7 Hours

Page 1 of 1