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 lpschower
Joined: 29 Nov 2007
Posts: 1
1.61 Dollars($)
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 Posted: Thu Nov 29, 2007 8:41 am Post subject: Bad Credit Morgage Loan possible? |
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| Hello I live in tampa, florida. I have a fico score of 583 and my wife of 580. First home purchase. Do you think we can get financed. |
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banker0679
Community Experts
Joined: 15 Nov 2007
Posts: 434
Location: Charlotte, North Carolina
16.65 Dollars($)
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| Posted: Thu Nov 29, 2007 10:15 am Post subject: |
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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
_________________
Clean up your credit in 37 days |
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michelle
Community Experts
Joined: 08 Oct 2007
Posts: 152
40.19 Dollars($)
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| Posted: Thu Nov 29, 2007 2:54 pm Post subject: |
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Welcome to the forum lpschower.
When qualifying for a loan, there are many other factors in addition to your credit score as Banker noted above.
If you think you can safely say yes to most of his questions, I would suggest you contact a mortgage professional for a consultant. Even if you say no to some of his questions, it still might be beneficial for you to talk with a loan officer. They should be able to tell you rather quickly if you qualify and if not, what steps you need to take to be able to qualify soon.
Good luck to you. I hope you are able to buy a home soon.
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Michelle Keck
Mortgage Network Solutions
302-252-0100
www.michellekeck.com |
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jasonredding
Joined: 21 Nov 2007
Posts: 30
Location: Orchard Park, New York
16.53 Dollars($)
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| Posted: Thu Nov 29, 2007 3:18 pm Post subject: |
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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.
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Jason Redding
Senior Mortgage Specialist
Nickel City Funding
Orchard Park, New York
877-865-3232 Ext 212
www.ncityfunding.com |
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brad gertz
Guest
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| Posted: Tue Dec 18, 2007 2:08 pm Post subject: Bad Credit Mortgage Loan Possible |
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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.] |
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neil
Joined: 20 Sep 2008
Posts: 1
1.32 Dollars($)
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| Posted: Fri Nov 28, 2008 3:29 pm Post subject: depends on how much you put down |
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 how much money do yoyu have to put down? ARE YOU A FULL DOCUMENTED INCOME BORROWER? WE HAVE PROGRAMS OTHER THAN FHA THAT MAY HELP YOU? EMAIL-ME--"neiL@flmtgcon.com" or call 1-866-627-2860 NEIL SHERRY FLORIDA MORTGAGE CONSULTANTS
[Link deactivated as per forum rules. Thanks] |
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jc
Guest
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| Posted: Thu Feb 05, 2009 12:50 pm Post subject: Mortgage |
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| I live in michigan and am looking to puchase a home. I qualify for a va loan. I have a 600 credit score and good pay history for the last 2 years. However I went through a divorce in 03-04 and lost everything house, car, and some utilities. I do have unpaid collections from back then. Does anyone have any ideas. My new credit is an auto thru ford motor credit and 2 credit cards none of the have any late payments. I have 5000 I could put down. |
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Hailey
Guest
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| Posted: Sat Apr 04, 2009 4:31 pm Post subject: Getting a FHA Loan for New Home |
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| Can my husband qualify if his scores are 551 567 627 with a down payment of about 10000 and he does have a few credit issues old though and minimal credit to show, he does have 2 auto loan that are in good standing on his and my credit, but we would like to do the loan in his name only, is it possible? Also his income is about 90000 yearly |
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jenkin7
Joined: 04 Jun 2007
Posts: 4330
Location: Hawaii
685.41 Dollars($)
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| Posted: Wed Apr 08, 2009 2:47 am Post subject: |
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Hi Hailey,
It is true that getting a loan with less than perfect credit is difficult these days. Even if you get, you will be required to make a considerable amount of down payment and the interest rate will also be higher than normal. You can seek a no-obligation free consultation with the community lenders as they are best people to tell you if you can qualify for a loan with the credit and income you have, under the current market situation. |
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