Answers (5)
Best Answer
- Dave Skow, "daveskow"
- Contributions:1438
try a FHA 15 yr fixed .....no mtg ins would be required on a 15 yr ( unlike the fha 30yr fha )....correct me if I am wrong on this other lenders!
- Mark Anderson, "MarkAndersonMortgage"
- Contributions:13
If you are purchasing in the State of Missouri and your income meets the guidelines for the program ( check mhdc.com to be sure) you could potentially qualify for MHDC. You will run into qualifying problems with a normal FHA loan, but MHDC will allow your current score assuming everything else meets guidelines in your application file.
- Mike Bjork, "MortgagePlannerMike"
- Contributions:371
Your problem is you don't have any credit history. It's best to have at least 1 or 2 credit cards, which is ok to pay in full at the end of the month. The biggest portion that goes into your fico scores is length of time of making payments (when you close accounts, then the payment history goes away), balance (optimally keep your balance below 30% of your credit limit, but it's ok to go up to 50%; once you go above 50%, then you start to get dinged for relying on credit too much); making your payment on time (utility payments are not reflected on a credit report, so these types of payments probably won't help you). If you are not in a hurry to buy, then I'd recommend applying for 1 or 2 credit cards (don't apply more than twice, as it will alert the credit cards that you have a lot of inquiries and raise red flags) and use them for the next few months. I think you'll see some better results after 90 days of using the cards. At least this is what I've seen for other clients. This will help you to bring your score above 620, which should qualify you for conventional and save you a lot of money as a result.
- Robert Benham, "Robert Benham"
- Contributions:813
You may not qualify at all if you have no credit history. With scores below 620 you typically need 2 credit accounts paid on time for 12 months and a 12 month paid on time rental history.
- Andy Matejka, "tejks"
- Contributions:356
What kind of income do you have?
How much money are you planning to borrow?
What are your other monthly debt obligations?
What is the value of the home you are buying?
What types of mortgage do i qualify for if...
my score is 600-619
do not have any debts, no credit cards, no loans and pay my monthly bills on time
am first time home buyer
Thank you
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