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Answers (6)
- Song San, "song san"
- Contributions:85
Good advises MTtrader. I wasn't offered to buy the Brooklyn or Golden State bridge. They were trying to have me buy the Taj Mahaj at $110,000 down payment, $15,000 in closing cost, and $3000/month in monthly mortgage.
Do realize that when you buy a home, there a ton of fees like inspection, appraisal, escrow, etc. that could be $10,000+ out of your pocket besides the down payment.
- MTtrader
- Contributions:38
What a joke your realtors are, · castors34 here is what will happen if your dumb enough to buy into this mess now: you may get approved but it will be at a premium % rate say 8% and have to put down at least 10%. So let's say you get suckered into buying a 250k home with 10% now you're in for 22k DP and around 1700 a month in payments. Ok say (and there's a GOOD 85% chance this will happens over the next year) we have another down 10 to 20 % downturn in prices you're out your 22k despairs into thin air and paying 1700 on a home not worth 175k good chance you (as many smart people in this satiations are doing ) stop paying, a year from now your CS will be under 500 and your will be out 22k and a couple years off your life due to all the stress you dealt with down the road. Your call dude, just be smart don't allow these sucker incentives Realtor lure u into buying the Brooklyn bridge .
- Song San, "song san"
- Contributions:85
You might want to wait until your score goes higher. Many loan officers and banks would question why your score is so low such as what you did or didn't pay.
If your wife makes good money and has a good score, you might want to have her make the purchase. But I would be cautious to make sure you can afford the place.
Just recently I applied for a home loan, even with a perfect score, high income, and money in the bank, I was scrutinized at every angle and they came back multiple times requesting documentations and receipts. This makes me feel safe that they are doing their job.
And if any loan officer or agent that know your current situation and push you to get a loan and purchase a home, I would suggest to run for the hills.
If your wife makes good money and has a good score, you might want to have her make the purchase. But I would be cautious to make sure you can afford the place.
Just recently I applied for a home loan, even with a perfect score, high income, and money in the bank, I was scrutinized at every angle and they came back multiple times requesting documentations and receipts. This makes me feel safe that they are doing their job.
And if any loan officer or agent that know your current situation and push you to get a loan and purchase a home, I would suggest to run for the hills.
mins for fha are at least 620, some lenders going up to 640 these days. It is completely irresponsible for an agent to say "you'll qualify".
Do you have a large downpayment? how expensive of a home? what other bills do you owe? chargeoffs? a zillian things are unknown here that will affect your chances of getting a loan.
And no, it isn't so easy to just change a credit score, why the heck is your score so low?
Do you have a large downpayment? how expensive of a home? what other bills do you owe? chargeoffs? a zillian things are unknown here that will affect your chances of getting a loan.
And no, it isn't so easy to just change a credit score, why the heck is your score so low?
If you have no debt and am looking for something around 210,000 or less.
why is your credit score 580? and how much does your wife make and what is her score? how much do you have to put down?
you need a 620 for FHA.
if you have any government debt that is defaulted(student loans) you will not qualify for anything.
craigs list has alot of deals that are seller held paper. do that for 12 months save the cancelled checks and refinance to a lower rate when the 12 months are up. plus you can bypass all the realtor fees so you can get the proprty cheaper.
why is your credit score 580? and how much does your wife make and what is her score? how much do you have to put down?
you need a 620 for FHA.
if you have any government debt that is defaulted(student loans) you will not qualify for anything.
craigs list has alot of deals that are seller held paper. do that for 12 months save the cancelled checks and refinance to a lower rate when the 12 months are up. plus you can bypass all the realtor fees so you can get the proprty cheaper.
- Eric Abrams, "Ericmabrams"
- Contributions:89
You'll qualify...contact a mortgage broker in your area to get started. They can help bring your credit score up, in most cases, as well.
my income is 71000 n my wife is self employed my credit score is 580 we want to buy a house ' am wo
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