A 620 and above score will get you the best rate. The subprime market (under 620) is quite aggressive and pricing for a 2 or 3 year fixed (gives you time to get in a better situation) are good. What are you trying to do? If you'd like give me the details (state, loan amount, value, can you show income, how long in the same line of work, etc.) and I can give you an idea of what you are looking at. Good luck! Sheila RE/Loan Broker
Wow, only 620? I always thought that was kind of low. I am at 639 and shopping for a mortgage and thought that I was going to be in big trouble. What kind of rate on a 30 year conventional mortgage can you get with this kind of score?
Kimvader, It depends...what state? Loan amount? Value? Full documentation or stated? 30 year? Give me details and I'll give you an idea. Sheila CA RE/Loan Broker
Sheila, We are buying the house in New Jersey and would like the mortgage for aprox. $250k. I would imagine that the value would be more than the mortgage because it is new construction and we are going to put 20% down. Our income is aprox. $95,000 and once we sell our house and pay heloc we will have about $17000 in student loans, $23k in car loan and $4000 on credit card. Thanks for the input.
kimvader, We are buying the house in New Jersey and would like the mortgage for aprox. $250k. I would imagine that the value would be more than the mortgage because it is new construction and we are going to put 20% down. Our income is aprox. $95,000 and once we sell our house and pay heloc we will have about $17000 in student loans, $23k in car loan and $4000 on credit card. Thanks for the input. Today a 30 year loan with a 30 or 60 day lock is 5.375% at par (you pay origination) for a purchase loan of $250K, full doc and score less than 720. Hope that helps! Sheila
NO problem. I'm here if ya need any help or have any questions. This site has helped me to clean my own credit as well as help my borrowers. Sheila
Loan Queen I'm needing a construction loan, but my FICO is just under 620. Are construction loans similar as conventional in terms of qualifying and rates? In other words, can I get a subprime construction loan?
Loan Queen with low scores are 20% down the only loans around? Sadly I do not have 22,000 dollars for a down payment on a 120,000 dollar Townhouse. Just the way it is I suppose. Anyway to get financed with lower down? Although at less then 600 Fico I doubt I could get a loan period.
kickman, What state? What loan amount? Can you show full income documentation? There are lenders that will do under 640 scores with good reserves (6mos). Will cost you about .50 more to the rate. Let me know if you need more info/help. Good luck! Sheila
caldric, You are cute!!! You can get a 100% loan with as low as a 580 score (you'll need to show income or have bank statements). You may qualify for an FHA loan as well. Rates right now are great for either loan!!! Does that help? Let me know if you need more specific help!!! P.S. I have lenders that will do a 70% loan with a 475 score...see there is help!! Good luck! Sheila
Hi, FLorida here, wife and I shoping for a loan, I think both our middle scores are around 600. Working on the extra 20 points for the better rates. What kind of loan would I qualify for? I am permanent disabled and wife is a hair stylist, she gets paid 50 percent comission but has been working on this salon for only a month. Is there a way to take a loan where they do not count income? Problem is that we are currently paying 1100.00 per month on rent and we are making it but if you go by our income to expense ratio you would think that we could not afford to pay that much out.
FLorida here, wife and I shoping for a loan, I think both our middle scores are around 600. Working on the extra 20 points for the better rates. What kind of loan would I qualify for? I am permanent disabled and wife is a hair stylist, she gets paid 50 percent comission but has been working on this salon for only a month. Is there a way to take a loan where they do not count income? Problem is that we are currently paying 1100.00 per month on rent and we are making it but if you go by our income to expense ratio you would think that we could not afford to pay that much out. Hello, Sounds like you'd need to do a NO DOC or NINA (no income verfication). The part about income is blank. You could do that with as little as a 620 score. I don't know what LTV (loan to value) you need. How long has your wife been a stylist? Are you paying your rent on time? That's REALLY important!! People...whatever you do ALWAYS pay your mortgage/rent on time!!!! Let me know if I can help further. Sheila
Re: Re: FICO score for decent mortgage? Thank you very much Sheila! Yes I have no problem with income, I have been in the field for 10+ years with about 4 years current service. I had BK in 1999 and a have a couple of charge offs, nothing that is not being worked on. I do not mind paying them (they are my debt) but I want to try and get them removed so is the reason I came here, after I pay them off. But I was under the impression that to get a home I would need spotless credit. One thing the bothers me though is that I currently pay child support do they ding you for this? I mean I am paying it and is current and all of that but is 664 dollars per month. Thanks again for the reply!
Re: Re: Re: FICO score for decent mortgage? Geez, just figured out how to do that quote thing. AH! Anyway caldric, You DO NOT need perfect credit to get a home loan. To get the VERY best rates you would...but getting a loan doesn't sound like a problem for you! How much you would want to borrow and the LTV would play a big part. Ya never know till ya try! Child support would be looked at as a debt. How much longer do you have? They will want a copy of your divorce papers. Also, if it shows as a collection on your credit...not good! Lenders don't like to see that. Another MUST...pay your child support and your mortgage/rent..ALWAYS!!! Hope that helps! Take care, Sheila AGAIN....PEOPLE...you don't need perfect credit or anywhere near perfect credit to get a home loan!!! There are lots of options! NEVER GIVE UP HOPE! Keep plugging away at cleaning up your credit. This forum is an awesome place to find help!!!!
Re: Re: Re: FICO score for decent mortgage? I have 2 years until she is 18, of course that is a general assumption because of school and such so 3 years max on support. No problems with rent though I pay that first every month. Have to have a place to live before fancy cars. The things that I suppose are dinging my credit report are student loans that I was late on for the State loans. They are caught up now but divorce really throws your finances into a spin. I also had a credit card that was closed but I have worked it out with them on payments and they are clearing the pass due amount and are going to show it as current and paid on time. Of course the 90 day lates will remain I suppose. I also have a card that was charged off. Not sure what I will do with this really, I will pay it off sooner or later but that will not change the fact that it was charged off unless they agree to remove it. Which I doubt since it was Providian. The rest of the bad things were actually in the bankruptcy in 1999 but are still showing either late or repo. I also have a medical bill that showed up from 1999 for 169 dollars. I have no problem paying this but I do not know where it came from. I do not doubt it is mine but just no records of it. As far as current ratio of debt I guess it is around 1000 dollars a month with child support. Child support is current and paid on time, however it does have some arrears because of a long story... I would rather leave that part out at the moment.
Re: Re: Re: FICO score for decent mortgage? caldric, Divorce...sucks!!! I understand!!! No need to say more. Do try to stay current on support though. If you have less than 3 years left some lenders will disregard it. Your uglies on your report...after the BK? Are you working to get them...ummm cleaned? I'm sure you have done your homework on here and have found out how to do that. Do it! You got nothing to lose! Try to stay current on everything else. Recent 30's are a killer to your score. Will you have cash down? What loan amount and what loan to value? When are you planning on purchasing? Sounds as if you will be fine. If you want to email me more specific info...let me know. Hope this helps. Sheila
