Anyone have any suggestions on who would be a good mortgage lender with mediocre credit? I'm a first time home buyer.
With the way mortgage companies are fighting for loans and refi's your scores are really pretty good. I know one lender that will give a loan it doesn't matter what your score is as long it's above 600, no income or employment verification. If you have 700 score it's the same as 600. Charlie
Really? I thought it might be harder. I was turned down last August, but as you can see my scores below... What I should have added was that my wife's scores are all at around 600, so that's what is hurting us, since they take the middle of both person's FICOs. Thanks,
What state do you live in? Most lenders will use the middle score of the PWE (primary wage earner). If you make more money than your wife, they should use your middle score.
I was just approved by Concorde Acceptance Corporation for a 30 year fixed at 6.25% with 0% down. I used lendingtree.com and got approved by 3 companies with the above being my best.
herauntsis, I live in Kansas, and every local company I call say they pull both peoples credit merge and take the lower of both middle scores. This bums me out. Now after a year of fixing my credit, it seems that I have to wait another year fixing my wife's. Should've done both at the same time (duh) I'll keep searching, thanks
dwh Wow! I can't seem to find that in my neck of the woods. Lending Tree? I've heard of good things about them, so maybe I'll give them a shot. $0 down? Are there closing costs, etc? If I can be so bold to ask, what is your debt to income ratio before applying? You've given me new hope, thanks for replying! One last thing, did you see a drop in your score after using them?
My debt to income ratio is pretty good. I make close to 6 figures and have a $300 car payment, $80 school loan, and about $120 credit card. I saw a small drop on each because of the inq. This one actually had about $2000 of closing costs. (Fees + 1 point). The amount I was looking for was $150,000. I didn't really want to buy yet but some unforseen things have moved the date up by at least 1 year.
cma, I used Broadview Mortgage Company in Wilmington, Ohio. Their phone # is 1-800-851-7334. Ask for Lin Johnson. I don't know if they do mortgages outside of OH, but if they do they're wonderful! Lin really worked hard for me to get my loan. I received a great rate too. Good luck in buying your home. It's the greatest feeling. I floated out of the closing! Sirrowan
See if your area (city, county, or state) has a 1st time home buyers program. It is for anyone that hasn't had a home in 3+ years. I know another mortgage banker in Houston that says if you have 500 or more that she can get someone a loan. I'm sure that it would be a lot higher %, but there are loans for everyone out there. Mortgage bankers are killing each other right now to give people loans. I would not use the wife's scores unless you need her earnings. Find a good mortgage banker and they'll find a way to get you a loan with 600 scores. Charlie
cma- I live in KS also and we just moved into our house last February. We worked with a mortgage broker and he was great. If you'd like to email me I'd be happy to provide you with his name & number (don't want to turn this reply into an advertisement). Kirk
Mike The scores that you have are just one part of the mortgage equation. Your DTI is also very important and well as what negatives that you have on your credit. Be very careful about anyone that makes a blanket statement as to what you will qualify for. There is no way to answer your questions just based on what you have written so far. Also, many times one spouse can qualify for a mortgage without the other spouse involved in the loan at all. Another thing, it is very important that you speak with a mortgage person that will work to find out what your long term goals are and suggest ways to help you reach them. A home mortgage is a major investment, and if it is done wrong can end up costing you. Hope this helps. fla-tan
Thanks everybody! There is alot of knowledge here... dwh: I have higher payments-double yours. Good luck in your new home! and thanks for the info. Sirrowan: I'll give them a call this afternoon to feel them out. Thank you for the number. I'll let you know what I find out. charlieslex: I know I should be able to get a home loan, but the big question is: will I be able to get the home loan I want? It might be because I live in an area that is less competitive for mortgage lenders. At any rate I have enough incentive now to do some searching. kirk: I'll send you an email shortly. Thanks fla-tan: I agree with you. This is something that takes more than just what I've provided. So what should my DTI be? I'm at about 22% right now (Equifax) And you are right about renting. I am a prime example of what bad credit can cost you. I've spent almost $60k on rent the last five years because I couldn't get a mortgage! ALL: I'm tempted to get Best Buy or Target or AAAdvantage CC. Short of the hard inquiry, should I be worried that my score will drop? Or should I wait until I get a house? I have only 1 or 2 inquiries the last 12 months. Thanks everybody!
Hi all, As a newbie on this board I feel really encouraged by this thread as I would really like to be able to get a house soon. I appreciate the willingness that people have on this board to share their knowledge. Here are my questions. Me and my wife have just separated but we are not divorced. Can I apply for a mortgage in my own name and using just my scores and my income even if I am legally married? Would this situation be seen as less desirable by mortgage lenders than if we both applied? I am self employed, I have my own business but don't even have tax returns yet as my business is less than 1 year old. I only have bank statements showing the money coming in which is pretty good. Last year I was unemployed for 6 months so I only have about 25,000$ on my tax returns. My credit history is very short. Just one credit card, 1 year old, and I am just an authorized user on it. it has 13,700 CL but it is 85% used up. The monthly payments are about 300$. That is all the debt I have. I know I should probably take all this information to a mortgage broker here in my area but it is nice to get some feedback from real people on this board before going out into the "wild" Thank you,
cma, if you are looking to get a mortgage, I wouldn't be applying for CCs at all. I'll advertise for Fla-tan because he is helping me and he has been wonderful - in every way. He's assisted with giving some direction, listening to my concerns, etc. CMA...it's important that you find someone who will really help you and be there for you. This is a stressful situation and having someone to hold your hand is comforting.
Sorry it took so long to get back online.... Thanks SweetnSas. You are right it's stressful. But since I found y'all, I have a sense of urgent calm. I'm excited about what I've learned and want to put it into play as soon as possible. I'm not shy-I'll take any help that comes my way. I'll hold off on the CCs until I can apply for a mortgage which will hopefully be in about another two months, credit willing... Thanks again.
