Posted on: 23rd Sep, 2009 05:23 pm
I have a credit score of 667, my husband is 643 - we would have about 10% down payment on a house. Would we even be able to get a loan given the current economic situation?
My husband and I take home approx. $200K combined annually - and have obviously made some irresponsible decisions credit wise in the past - but affording the home and paying the loan would not be a problem.
Im a little familiar with FHA loans (a very little) and I know that people with lower credit scores may be able to get a loan this way but my concern is do we make too much to even qualify for one?
Thanks so much for your help all!
My husband and I take home approx. $200K combined annually - and have obviously made some irresponsible decisions credit wise in the past - but affording the home and paying the loan would not be a problem.
Im a little familiar with FHA loans (a very little) and I know that people with lower credit scores may be able to get a loan this way but my concern is do we make too much to even qualify for one?
Thanks so much for your help all!
i wouldn't go that route, sunny...student loan rates can be quite low, and using retirement funds for payoff isn't such a special idea for most people.
just a thought...
just a thought...
Well I was more referign to borrow and pay back to 401K.
If you look at what happned to the 401K's most of them are down by 50% unless you kept it as cash
So inted of apyign some one the itnerest our poster can pay interest to him/her indirectly and also keep thie Debt to Incoem ratio low
If you look at what happned to the 401K's most of them are down by 50% unless you kept it as cash
So inted of apyign some one the itnerest our poster can pay interest to him/her indirectly and also keep thie Debt to Incoem ratio low
i knew what you meant, actually...but that's a highly individualized decision to make. i simply don't think it's for everyone, so don't often suggest such a thing. i'll happily get into the discussion if a borrower brings it up. otherwise, not being a financial planner, i am loathe to suggest things of that type.
Again, fantastic information. Thanks again for taking the time to answer all my questions. You have been more than helpful!
Gklad that we were able to answer your questions
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