I'm buying a home and I'm at the process where I have to explain the negatives on my report. Also I qualified with a Fico of 652, interest rate 5.5... does that sound right? I have 5 negatives I have to explain, 2 charge offs, 1 collection, 1 late payment , and ummm can't remember. Another old debt. Can someone help me , I have no good reason for those. I was just bad on credit before.
Buying a home on bad credit . You will get more conditions on buying from y our buyer . You will get the loan but there is a chance that they will raise the interest or any other condition they think suitable .
Bad credit? I was told a score above 650 gets you better interest rates .... anyways last December my brother bought a home wit a score of 623 n got a interest rate of 4.8 so im confused bout getting a 5.5 wit a 652
It really depends on your income, how long you been at your job , down payment, how much is the house, how much your paying in closing cost, always watch out for fee's tac on to the loan to buy down the interest, make SURE YOU READ EVERYTHING BEFORE SIGNING there's lots of factors involve also keep in mind the more interest rates the more on commission for the person handling the loan. Always try to deal direct with a mortgage broker not loan officer, loan generator, they have many titles. The mortgage loan business comes with alot of sharks. Just make sure you dealing with the main person to get the best interest rates. And regarding explanation. Just be honest. You lost your job, You were younger didn't understand the value of credit. It's better to be truthful then lie on any explanation.
I am sure you have got your explanation right now.I have a similar kind of issue few years back and i handle it quite carelessly. But thanks to this forum that you have the right solution to act on it.
