Should I try to get a home now or wait

Guest 0.10 Dollars($)

First I wanted to say Hi! and wow I love this forum.

I am 33 and my husband is 42, we have one child and both work ft with a gross income of about 87,500 per year. We are in the NEast though so it doesn't go far Rolling Eyes

I have had issues in the past Sad

and my FICO right now is about 606, my dh is about 750-800.

I really want to get into a home soon - mostly for my daughter. It seems like such a buyers market but the mortgage business seems locked up. My debt is about 3K in cc (which I'm paying off), 5k in student loans and we owe about 1,500 in taxes right now (paying off). So really we have very little debt.

My question is how likely is it that we'll be declined because of my score? I am working on trying to raise my credit score (mostly by paying off cc) but there are some paid charge offs on the report. Also we have no money to put down right now but are saving and we should be able to have about 6k in 6 months but we could borrow it from family sooner

Help! I really want to try but I'm afraid I'll be declined Sad

brian1 · Posted: Wed Oct 29, 2008 6:20 pm Post subject:

You would still be eligible for a decent rate through FHA which is also the loan for the owest down payment.
The only way you will know is to apply and let someone run your scenario to find out.
Worse case you find out what you need to fix?

Good Luck
Brian

chrisburns · Posted: Thu Oct 30, 2008 5:58 am Post subject:

As with anything in life information is power. Most people that I see with bad credit have feared looking at the credit for so long that their neglect is 90% of the reason they still have bad credit!

YOu have to know what your up against so that you can make a plan of how to get there. The best way to get prequalified is to apply on this website and speak with one of the lenders that will go over everything with you and see if you can get qualified now and if not what steps you need to start taking to get there.

YOu sound like you have things pretty much in hand so I'd wager that you're closer than you think to being qualified for your home.

gmakerley · Posted: Thu Oct 30, 2008 7:44 am Post subject:

aknigh, it would seem that you're pretty well prepared to begin the process of purchasing, as brian and chris have both pointed out.

with a score of 606, an fha loan would be a good prospect for you. depending on your precise location, it would be worthwhile to look into any bond programs that your state may have. typically, you'll find these state-run programs to be more favorable, in terms of rates, cash needs, and sometimes the underwriting itself.

with your combined income as well as your husband's credit score, the odds are greater that you'd receive approval from the automated system that just about all lenders use these days.

i encourage you to take the next step. you're right about housing prices, and you've apparently thought this through to the point that it seems you'll be ready.

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