Is this loan possible?

Guest 0.10 Dollars($)

I would like to purchase a home that costs $300k. I have a $70 deposit. Our credit scores are in the 550 area, our combined income is about $95k, only monthly bill is a $560 car payment.

Anyone do this for a decent rate?

alendingopportunity · Joined: 26 Sep 2007 Posts: 2 1.53 Dollars($)

I don't see why this would be a problem except for the down payment. You lender will want a little more down than $70 but other than that you should be able to get the loan. With your credit score you might want to try to get a fha home loan.

Guest 0.10 Dollars($)

Sorry meant $70k. Wasnt sure with the low credit score if this was doable and what type of interest rate to expect.

alendingopportunity · Joined: 26 Sep 2007 Posts: 2 1.53 Dollars($)

You canprobally expect 30 Yr FHA Fixed 6.23% and for a 15 Yr FHA Fixed 5.96%

livinginnky · Posted: Wed Sep 26, 2007 8:16 pm Post subject:

70k down is a good amount. You don't want FHA. Why pay the upfront mip if you don't have to? It's 77% Loan to Value so you should be able to get approved and without mortgage insurance.

Is the car the only bill you have ever had? Did you just purchase it recently?

Do you have collections or judgements? These would need to be paid off before getting a loan.
If you have a long credit history and no collections or judgements you should be ok for a conforming loan. Anyone can do this and your rate would be anywhere from 5.5 - 7% depending on what you pay in closing costs.

larry · Joined: 27 Jun 2007 Posts: 3328 473.40 Dollars($)

Hi Jon,

With this score, I think you should go for an FHA approved loan. Credit score is not an important qualifying criteria for this type of loan. Rather, your debt-to-income ratio will be considered as a criterion factor. So, if your debt-to-income ratio is within 41% of your gross monthly income, then you will surely qualify for such loan.

Caron · Posted: Thu Sep 27, 2007 5:51 am Post subject: RE: loan offer

Hi Jon,

Welcome to our forums.

Your credit score isn't that fair enough I should say. But FHA and conforming loans can be your suitable options. Our community lenders do help people with such offers. If you are interested, you might feel like talking to some of them and findout out what exactly they have to offer. So, why not send us your request for mortgage quotes so that we can pass it on to them. Once the lenders can match their profiles with that of yours, they shall contact you asap and discuss your available options.

good luck

0.10 Dollars($)

FHA is an option, and you will likely get the best rate that way and no MI if you put 20% down but you need to meet qulifications.

evolovik26 · Posted: Thu Sep 27, 2007 8:21 am Post subject:

Yes it is possible but you need to submit a full app to your lender to get definite answers as collections/ jusdgements/lates on your credit can come into play

lisascherzer · Joined: 04 Jan 2008 Posts: 746 93.70 Dollars($)

work on getting your credit score a little higher. I would say at least 580. When you do go for a mortgage dont make these mistakes below.

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evolovik26 · Posted: Sun Jan 06, 2008 9:50 pm Post subject:

lisa stop spamming the forum

0.10 Dollars($)

I didnt think that giving tips on finding a good mortgage loan was considered spamming. I will just keep it short and uninformative from now on.

lisascherzer · Joined: 04 Jan 2008 Posts: 746 93.70 Dollars($)

the above message was from me, I was logged out at the time.

ckalvesmaki · Posted: Mon Jan 07, 2008 5:55 am Post subject:

Lisa.......The reason you where asked not to spam is that you have placed the same post more or less in several threads......

This board is not to be used to SPAM

evolovik26 · Posted: Tue Jan 08, 2008 8:18 am Post subject:

Lisa with all due respect
While the information you posted is usefull it is very generic and is not a respoce to the question
And i have seen the same post in at least 10 more threads.

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