Trying to get a home loan?
Answers:
You need to avoid the online predators. Deal only with reputable banks and mortgage companies (such as Countrywide).
Marty, from Premier Loan Sharks has been hunting for victims here for awhile. You need to avoid giving your credit information to online predators. Identity theft is a serious problem, as is simply fraudulent loans.
Fortunately Yahoo deletes him after he is turned in for showing up again at the temptation of praying upon peoples naivety and financial woes.
I would raise you scores over 650 and then try again.
Scores of 600 plus and good income should be enough to have someone approve you..BUT.. you left out how much of down payment you will have. Lenders are getting much tougher on loans that are less then 10% down. Mainly because the housing market is not what it used to be. Also, be aware that lenders dont want to see your debt/ratio much over 35%. So for example the mortgage amount shoudl not exceed 35% of what you guys are making in 1 month.
My advice is just keep looking around. Someone is going to approve you. Or, just wait until your scores improve a little and then you will have no problem at all.
When my husband and I purchased our first home years ago, we were about your age, and our credit scores weren't as great as they are now, but we were advised by our potential lender to get rid of some of our debt.
Some credit card debt and a loan for a computer we had to pay off and then we got the loan for the house.
Our debt that they wanted us to take care of at that time was approximately $2000. And once we paid those off, we were accepted for the loan.
I'm not sure if that would help you in your situation?
It may be best to wait and increase your credit scores a bit. If you have money for a down payment it will help. If not you might see if your home state offers has any loan programs for first time homebuyers. Check out the state website.
I don't know where your located or where your trying to buy a home. I live in Missouri and had the best agent named Connie Holder.
I had a very low credit score of like 480 and I had only 1 income (single mom of 2 kids) she got me approved for a $90,000.00 loan. No money down and 9% interest. Since then I have refinanced and now have 6%.
I would contact a company like Caldwell and Banker and let them hook you up with a lending company. Thats where Connie worked when I got approved. Instead of doing it on my own she did it all and just told me where to go.
I have lived in my home almost 6 years now and still completely happy.
Good for you for looking for a house at such a young age! If you can wait until your credit score is higher, you will pay a lower interest rate and will have more success finding a loan. Have you tried your bank? I'm sure you can definitely find a loan through someone, but your interest will be higher. This site might have some helpful info. for you about bad credit loans. Good luck! http://loan.divinfo.com/
You left out the most crucial part. How much debt to income ratio do you have? The credit score means very little. If you make $10,000 per month and your bills are $9000 per month you won't ever get a mortgage.
With a 600 credit score you should be able to get Alt-A rates which are fine even with 100% financing. Is it possible you are trying to borrow too much as a percentage of income or that your debt to income ratios are too high?
You need the help of a mortgage broker that is honest and will work for your best interests. Call several until you find one that you are comfortable with. Determine how much you can spend and get pre-approved. Then look every day for the right house.
Good luck.
You just picked the wrong loan officer.Most Companies have little or no programs to offer the Masses... I have programs for first time home buyers. We also have a program that will help with your down payment so you don't have to come in with any money down.call me 360-624-3467 I am one phone call away from owning your home
IF THAT IS TRUELY YOUR GOAL
As a lender I would deny you based on the information you have supplied. You have 600 ficos, 20% of consumers are in the 350-620 range. If you make great money what do you do with it? If you have collection accounts or payments you dont make start by taking care of those. When you say you have plenty of income, why cant you save 20% to put down? Why should someone loan more then 80%, unless you put up 20% and have a eqiutable interest to make they payments you willl not get a home loan though a good bank. Since the subprime lenders are in hot water you wont find anyone lending on risky borrowers for many years to come.
I am a homeowner with an excellent income, and put $90,000 dollars down so my loan was 80%. I have since been faced with so many unplanned expenses with owning a home. I am being tough on you because I have perfect credit, and I got the home and the loan I wanted. I dont think I should have bought as much house, after 16 months the payments are still shocking, I think you should consider if your ready to own a home before your applying to get a loan for one. I recently got a room mate to subsidize some of the costs owning a home, it is more hassle then I ever imagined.
Im not sure why you got denied, unless your debt-to-income ratio is high. The company I work for will lend down to 500 credit scores.
Call the lenders you have worked with and have them give you specific information as to why you are denied.
It could be simply that you are not working with a Mortgage Broker or Mortgage Banker that has all the necessary tools to get your loan approved.
Or it might be that during the last 12 months you have not made your payments on time. There are many reasons for a 600 credit score, slow pay history or high debt to credit levels.
If you have credit cards that for instance give you a $1000 limit and you owe $1000, this will drive your score lower. By simply getting your credit cards to a little less than 1/2 of the limit you will raise your scores. You can get a free copy of your credit report on the web.
However, FNMA has a couple of programs that if you have paid your bills on time during the last 12 months and have not had a bankruptcy in the last 24 months you can get financed at 100% with a little higher than conforming fixed rates. Visit www.Fanniemae.com for more information about community loans.
I assume you don't have a downpayment either?
If you can scratch together 3% of the purchase price, FHA would be a good solution. It could come from a gift from family, as one option.
Otherwise, there's a good chance you'd qualify for Fannie Mae's My Community program. 100% financing, good rates, mortgage insurance could be somewhat expensive with your credit scores, but still affordable. Find a bank that will run your loan through Fannie's underwriting system. Most brokers are idiots and don't have a clue as to what Fannie Mae is willing to buy.
Good luck.
i had alot of bills to pay with a very bad credit six months back and i was also scammed twice in the process of getting a loan but could not believe it when i got the loan i needed from a lender. i think you should contact him he could be of help.
contact him at; phillenders@yahoo.com
wish you the best.
hi
i got your mail address on the net and i have just decided to give you a link where you can get a good loan,,
cos that was how i was saved when i was in deep mess and in need of loan, you can reach them on the email address bellow,
;loanfirm_lender@yahoo.com
i wish you the best of luck
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