Mortgage question

Discussion in 'Credit Talk' started by MikeB, Jul 17, 2001.

  1. MikeB

    MikeB Banned

    A friend of my wife's mother is about to sell their house. It isn't my dream house, but it is a very good deal that I could later make money from.

    My question is this: Will lenders be more lenient on a house that you can pay off in like 5 years? I will have less than 10% to put down. I wasn't planning on trying to get a house until the middle of next year, but this is a good deal that I hate to miss.

    My best credit score is only 620 (because of inquiries and new accounts), middle is probably 550-600 (around 6 lates).

    I live in Texas if anyone knows of a good broker that will work with you. Thanks in advance
  2. mspencer

    mspencer Member

    Fannie Mae is much likely to approve you on a 10 or 15 year note than a 30 year note. I am a broker in ohio and I just got a 15 year refinance approved on a 562 middle score. If you have any assests in a 401k or something that would really help.
  3. MikeB

    MikeB Banned

    Thanks for the reply. I have a 401K, but I just started contributing last December (<$3000) :(
  4. mspencer

    mspencer Member

    Don't forget about the cash value of any life insurance policies you might have.

Share This Page