My wife are tried of the renting seen and decide it time to purchase a house. Here score is 625 my score is 585. We live in the bay area with one income at $150,000. Because of the pricing in our area we are looking at a $500,000. We bid on a house several months ago in th $500,000 range but there where two things that held us back. 1. The interested the bank wanted was 7.25% 2. The bank wanted 10% down Given the current situation with interested and the appreciate in the bay area we really need to purchase this year. We have 5% that we can put down but need to get to a 6.25% rate can anybody provide a good broker to deal with? Thanks for all the help
I placed a post yesterday with a simaler tag line "Home Loan, High Income, Poor Credit" I have pasted my thread below. Is this a similar problem you are having? My scores are as follow: Experian 622 Equifax 574 TransUnion 573 Wife to be: 780+ Unemployed -cgmnky I have been working on cleaning up my credit for the past few months. Paying charged off accounts and clearing up all the discrepancies from my report due to my accounts getting transfered from one place to another. I still have a long road to travel and this message board has given some excellent advice. I am now at a point in my life when I want to become more stable and not the young, reckless and irresponsible person I once was. I am getting married in a month and want to purchase a home. I have an excellent job and make $126,000 a year and receive a %15 bonus as well as have a 401k with just under $30K (just recently started thinking about retirement). My credit scores are in the high 500 range. My soon to be wife is in a different situation. She has excellent credit with scores well above 700 however she is presently not working (9 months). We have joint bank accounts with a balance of $26K and she has a few credit cards that I am authorized to use and show up on my credit report. A good portion of all our spending is placed on these credit cards and we zero balance them every month. What is the likelihood that the 2 of us will qualify for a home loan? The homes in our area run around $450,000 and I would like to keep the payments under $2500 a month. We are paying $1900 per month on rent. Do I have a chance? Can I prove to a lender that I am on the right track? Newbie -cgmnky
Wow the scenarios are pretty much the same expect my wife is not unemployed she stays home with our 2 year old. How are you guys doing in your search.
I could get you a loan but I don't know if I could get you at 6.25%. Right now that is A paper pricing for a jumbo. First can you prove the income i.e. W-2's and paycheck stubs? I would be more than happy to help you with a loan. 6.25 is a possibilty but I need more info. Email me at graphrix2@hotmail.com if you would like the help.
Since the rates have gone up a little I would wait. If they go up a little more than prices may fall since it's going to increase the cost of housing. In the meantime I would do everything possible to clean the credit report up and increase your FICO. Even if the rates go up to the point where a conventional 30 year will carry a rate of 7% or so, then prices will probably go down enough to make it easier for you to put a down payment down. Since conventional mortgages top out at $322K, lower prices may mean that you will be able to get one and it will give you a better rate than a jumbo. So in the meantime clean the credit reports and save every penny you have for down payment and closing costs.
cgmnky and njpenn I emailed you guys back with the info you requested. It's a fair assumption that prices could go down but if you live in areas like northern and southern cal the prices continue to go up. If your goal is to get a home that you love and can affford, then get it. If the value goes down which has only happened once here in cal in the last 20 years it will start to go back up in 6 months. at least that is what the history here has been. The only other time is when values stayed the same for a few years. If I had the means to buy a home right now I would.
if you're still looking for a home loan, please email me at kathi.flores@novastarhome.com Rates have gone up, however, if you're interested in an adjustable rate loan, I've got several loans that have low interest rates.
In defense of "kaathi" @Novastar...... Novastar did VERY WELL by me, both on my original mortgage 2 years ago, and last month when I refinanced. I got a 5 3/4% (w/o points!), and you can guess my credit scores are NOT the greatest since I'm on this site! I recommend that you contact NOVASTAR....they were good for me!
