Can I get a decent mortgage with a 669 Equifax and 636 Trans Union FICO scores? I would put 10% down, although I would be a first time buyer.. so maybe 5%. Is it possible or am I in dreamland? Can I expect a decent APR? thanks s
You're fine. The mortgage brokers get a little nervous if the scores fall below 620. That means they actually have to work to locate a decent mortgage. With your scores you should have no problem finding a mortgage at a prime interest rate. Good luck. Dani
While your scores are fine, that is just one aspect of a mortgage. Without knowing the particulars of your situation, it is very dangerous to give standard answers. Are you employed or self-employed? Have you been current on your rent and can that be verified? And the list goes on. The answers to these and other questions will determine whether you can go conforming or have to go nonconforming. A good mortgage broker can find you a mortgage and you would probably better off putting 10% down to get a better rate. Hope this helps. fla_tan
What if she is self-employed, how would this affect the situation? Is it harder to get approved when you are self-employed and what info would be needed for an approval. Thanks
Yes..it is harder to get a mortgage if you are self employed. First they require that you be self employed for at least two years. Plus you must have profit and loss statements for each year. Lenders are a little hesitant because most of the time when you are self employed your income fluctuates. I guess they can get a good average if they have the two years to look at. Having said that, it is still possible to get a mortgage while self employed. Just make sure you have a good accountant to do the appropriate paperwork and you should be fine.
OK thanks, my husband is self-employed and has a FICO score in the 600s and he makes over 120k. I am going to let him get the house and I will stay out of it, because my credit would really hurt us. He has all his tax and p&L statements. We have to go to the builders and get an purchase agreement. Don't know what this is, but the lender said we have to go get one this week.
Dimples1, I'm self-employed and have been for a good while. There are so many different programs you can try and you would be surprised at what you can do with so many options. Go to the following url and at least talk to these guys. It doesn't cost anything to at least find out what your options are. www.loansearching.com
Thanks I have NEVER been late on a any credit card payments or rent. Depending on which credit report you pull, I have 2 black marks on my credit. One is a phone bill from 1997 that was disputed but never taken off and the second is from a student loan that was suppose to be in deferment, but was reported as late several times. I have another from Ballys on one of my reports that states it was a charge off, but I paid the debt. Either way, I can explain these things and work to get them off. At least there aren't any serious things on my credit that are beyond my knowledge. Anyways, I will probably put 10% down, I have never been unemployed for more than a month, etc. Most credit bureaus tell me the worst thing about my credit is that I have "young" or "new" credit. My earliest positive report item on my CR's are only 2 years old. How long should I wait to have mature credit?
Re: Thanks According to one of the cra's, histories of at least 30 years are considered good. What a crock.
Re: Thanks I ONLY GOT 6 YEARS TO GO~~~MAYBE THEN I'LL GET THAT $400 LIMIT INCREASE ON MBNA AND THE $4,500 ON AMEX BLUE???
Re: Thanks While having young credit only(less than 2 yrs) will pull your score down, it will not prevent you from getting a conventional mortgage loan. The phone bill will only be a minor problem since it is old(did you pay the bill??...that can be important), however, the student loan may be an issue depending on when the lates are for and whether or not you have documentation to show that you were supposed to be in deferment(if not you may only qualify for an A- loan which gives you about 1-2 points higher rate) Hope this helps. email me if you have any other questions. fla_tan
Re: Thanks So if you start your credit history at 20 you will be able to buy a home by the the time you're 50. So where have you been living for 30 years?
