getting a mortgage loan w/o a fico score or very low scores

cynthiahuynh · Joined: 02 May 2007 Posts: 2 2.18 Dollars($)

Hi
I would like to know how I can get a mortgage loan for 1st time buyers, but if i do not have the credit scores....really LOW scores..my husband and I, but we would like to go 100% financing if possible? Our house is more than the limit amount of an FHA loan so we cannot go thru them. Our house is around $248,000 and is fort bend county.
Please let us know where or who we can talk to and please let us know what we have to do. We do not have much time b/c our house has been put back on the market and we very nervous on how this will turn out! We do have some money saved up, but it is not alot and we can only afford 5% and MAYBE 10% (really pushing it.)
PLEASE HELP US GET INTO OUR 1ST HOME!!!!!

thank you

wablola · Posted: Thu May 03, 2007 8:45 am Post subject:

My suggestion is to hold off and get your financial issues in a better situation. From the information you provided, you can go for a NO RATIO/NO DOC loan, however, the rate will be higher.

Again, best bet is to get your financial's in a better situation to get your FICO up, get at least 3 months reserves in the bank, look at your credit history and see if you can call the lenders up to clear some of the delinquencies. Doing so will open more options for a better loan for you.

blue · Posted: Thu May 03, 2007 12:55 pm Post subject:

Cynthia, you looked at fannie mae - MyCommunityMortgage? This program provides flexibility on credit history & non-traditional credit history is also considered. It might be helpful for you.
( http://www.mortgagefit.com/inprocess/mycommunity-program.html )

Thanks
Blue

Guest 0.10 Dollars($)

You can also try the Homebuyer's Program offered by ACORN, this might help you with your financing needs: http://acornhousing.org/TEXT/homebuying1.php

Caron

Hi Cynthia,

Welcome to our forums.

It's good to hear that you are looking forward to your new home.

Currently your scores are not that big enough but then if you are looking for a conforming home loan, that which is below the limit offered by Fannie Mae and Freddie Mac, the credit score won't be a deciding factor. Rather your overall credit status would matter.

But then, I would agree with Wablola. The best thing for you would be to improve your score and get a certain amount of cash reserves and then look forward to buying your home.

However, if you are still interested in going for it, you may try out with lenders in our community. Our community lenders help out people with different types of loan programs for people having different income and credit scores. You may send us your request for free mortgage quotes. On receiving your request, we shall forward it to the community lenders and they shall contact you if they can match their profiles with your loan requirements.

Good luck Smile

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