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strive25 · Joined: 13 Sep 2011 Posts: 2 1.44 Dollars($)

I am 28 years old, have terrible credit due to my stupidity when I was younger. Still have problems with my credit biting at my heals.. My wife on the other hand has decent credit 700+ high score but not too much credit. My wife's income is poor. about $2000 grosse/month. Yet I'm a train conductor and grosse anywhere between $5500 & $7000/month. We don't have very much money saved up but tired of renting. Especially where we live. I have friends that pay 1/2 as much money on their morgage/month as we do renting/month. I work hard to provide for my family and want to own a house. We just married a year ago and really want to own a home. Please help..!

Thank you.
Carson Poore

sabrinatoss · Posted: Tue Sep 13, 2011 10:09 pm Post subject:

Anything above 680 is considered a high credit score. 679 to 620 are considered good scores and within Fannie Mae/Freddie Mac quidelines for a conventional rate. 619 to 615--"certain" lenders may still consider your credit good but in order to get a conventional rate you may have to pay anywhere's up to a point to get that good rate. Or with other lenders 620 is the cutoff and anything under won't be considered as A paper. If that is the case, 619 and under is considered a sub-prime loan and will need a different type of lender.

jameshogg · Posted: Tue Sep 13, 2011 10:40 pm Post subject:

Hi strive,

You haven't mentioned your own credit score. You and your wife can jointly apply for a mortgage with the local lenders and try to buy a property. You have a good income and your wife has a good credit score. This may help both of you in qualifying for a mortgage.

Thanks

chrisgummerson · Posted: Wed Sep 14, 2011 10:31 am Post subject:

FHA has programs with ficos in the 500's but not many lender fund these loans. If you have no bk, no foreclosure, just credit card debt, you may have a shot. You have to have 3 open and valid tradelines though. Otherwise, your spouse could get the loan with a non occupant co borrower. Your other option would be hard money, or private lenders. They require about 30-35% down, so if your credit is really unworkable, then you can save up for a year to be able to put down the money. Good luck

petekolackovsky · Posted: Thu Sep 15, 2011 6:16 am Post subject: new to mortgagefit

Hey! Great post. I’m also very interested in this topic and would like to keep posted. i wish you and your wife the best of luck in finding a good home to buy and raise your family.

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