Profile picture for bhumburg

House loan

My credit is fair but it is below the 620 mark that most mortgage companies are looking for. The reason my credit is so low I got hurt in 2004 and was flat on my back in the hospital for 6 months then through rehabilitation for another 6 months. I lost everything my cars, credit and just about everything I own. That being said I had student loans which the Government has taken over completely since I am not able to work full time jobs. I get SSDI and it less than 1000.00 a month. My fiance and I want to buy a house together and with her income from her job and my income we can swing a payment of 625.00 a month and not put a strain on us financially. Problem is she has really bad credit due to loans not being paid. Question who is going to give us loan? I mean who can loan us the money for the mortgage and we have 3000. in grants we can use as down payment. Everyone we talk to says that we wont be able to get a loan until my credit is up to 620 but that can take months and we have found our house and payments would fit our budget. The house is listed at 105k but we think we maybe able to get it for 90-100k which would be perfect for us. Can anyone steer me in the right direction to get this mortgage loan and I am working on getting my credit corrected and I have hired a credit repair firm to take care of it for me. Most of the bad credit is like from 5-7 years ago and all of the accounts were paid except for the student loans which the Government has taken over.
  • May 13 2010 - Cumberland
  • 0
    0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.

 
 

Answers (6)

You are putting the cart before the horse.  Fixing your credit is only half the battle, you can;t use your fiance's income without using the credit.  Save for a down payment and get both your credit scores up.
  • May 13 2010
  • 1Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

[Deleted for self promotion]
  • September 30 2010
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for sunnyview
Please don't spam. Your phone number, your email and your webstie really belong on your profile page not in your answers. Zillow is not like other sites. and their policy for posting is here.

People can easily contact you through your profile and it is great way to explain what you have to offer as a professional. It also gives more room to explain your professional services and experience. Zillow has a video on maximizing your profile on Zillow here.
  • September 30 2010
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

There is a few things you can do to help increase your credit score.  You never explained or I don't remember reading if you filed bankruptcy.  It is usually best to ask a certain lender or mortgage broker how to raise your credit because they deal with these situations all the time. 
  • February 01 2011
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Hi Travis,

It seems like you are fairly new to posting on Zillow.  Just a kindly reminder to check the date of posts before responding.  This post was originally from May of last year. 
  • February 01 2011
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Sean,

I know it was posted last year.  However someone might want to read the reply in the future.  However, thanks Sean for the friendly advice. 

Travis
  • March 13 2011
  • 1Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.