Profile picture for star_tlr

I cannot get any mortgage quotes this week. I have a low FICO score.

Nothing at 3.5% down, nothing at 20% down. You know, if the housing market cuts all but the perfect people out, it's going to continue its long, painful death. When is the real estate market going to cut the vast majority some slack?
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August 10 2011 - Newport News
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Profile picture for wetdawgs
Do you have a number for your FICO score?   A FICO score of 640 is far from perfect, yet many can get a loan at that score.

But, I'm finding quotes are not coming through as well as normal this week on Zillow mortgage market place.
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August 10 2011
Hi Star,

Although not a perfect score, there are lenders still out there that will give you a mortgage. Unfortunately, most will charge you a bit of a premium because your scores are below 640 (FHA) or 740 for your best Fannie/Freddie products.

Pick one lender after interviewing several, make sure the one you choose offers credit repair at no additional charge like we do...perhaps they can get your score to 640 so you can get a good rate with FHA. ONLY allow your credit to be pulled ONCE by the lender you choose.

Good luck, Jim!
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August 11 2011
Profile picture for Pablo1911
You can thank the republicans and democrats for having no clue what to do.  Vegas is dead.  Even the illegal aliens are leaving!  Talk about a sinking ship.  Don't buy!  Move to the Dakotas where there is job growth.  Someone should take Oscar Goodman and all his cronies out to the woodshed and whack him - like his clients and gangster pals used to do.  What an incompetent buffoon out for his personal glory! 
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August 10 2011
Profile picture for star_tlr
Yes, 629. I haven't gotten my husband's yet. I'm going to really be serious aabout buying in the coming months, by which time I hope everything has calmed down a bit.

But regardless, it really bothers me that the housing market is so bad. A country certainly can't go for long with it this bad. Housing is at the root of everything!
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August 10 2011
Profile picture for star_tlr
Thank you for your replies. But, if only the perfect can get mortgages, there aren't going to be a lot of homes sold!

Methinks some new strategy is going to have to happen here. No country can exist without a housing market. Housing relates to every other industry I can think of-- construction, furniture, appliances-- in fact, most jobs can relate to housing!

I suggest that lenders rethink themselves and take a chance on the vast majority.

I am looking for a loan of less than $70,000, or about 150% of my yearly income.
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August 10 2011

The experts reporting on the Fed keeping the interest rates super low for the next 2 years, means qualificiations for lons will be getting tougher. Yes, it will make recovery harder, but the banks can not afford to get burned again 

David Cooper

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August 10 2011
Profile picture for wetdawgs
Do you have a number on your FICO score?  

They tried making it ultra easy to get loans, and look what happened.  Now even when perfect it can be challenging to get a loan.
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August 10 2011
 
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