Mortgage ??'s

Discussion in 'Credit Talk' started by Dustin, Jan 29, 2001.

  1. Dustin

    Dustin Well-Known Member

    I have a question:

    What are the credit requirements for getting a mortgage? I mean: Years on job, debt to income ratio, credit cards, loans, defaults, etc... Most web sites give general info (like what I just posted). Any kind of specific:

    -no repos
    -at least 2 years good payment history on 3 tradelines
    -<20% credit payments
    ->50k year income for $200k home..

    Any suggestions...
  2. Momof3

    Momof3 Well-Known Member

    Yes mortgage usually require 24 month history no lates, anything that is not paid, collections etc, must be paid. Debt ratios usually run 25% front and 37% back. But 50K would NOT qualify for a 200K home??
  3. househunte

    househunte Guest

    As a general rule, you need 1 year at your job, or less if its the same kind of job as your previous one. No outstanding charge-offs or collections. No lates in at least the previous 12 months.

    Typically ratios are something like 29%/41% - credit card/revolving monthly debt at 29% or below monthly income and cc+projected mortgage amount at 41% or below.

    FHA loans are generally easier to get for the credit challeneged. Check out your state/county/or city Dept. of Housing...they often have special programs and free housing counseling
  4. jamie

    jamie Well-Known Member

    Dustin, There are mortgage calculators at
    <>. Maybe this will help you.
  5. Shantel

    Shantel Well-Known Member

    I have to go with Mom. The general rule is you can afford a house up to 3 times your yearly salary. That doesn't take into account any other debt you may have or interest rates being higher, etc. If you have damaged credit, you can expect to pay higher interest, bigger down payment. The higher interest will cut into how much house you can buy. As well as homefair, you might want to check
  6. steve

    steve Well-Known Member

    I am a mortgage rep for a big company and I have put through people that was just discharged from BKY. It all depends on the down payment. You pay for the credit or time on job with interest. I like to see 1 year and a 10% down with a credit score of 630 and up to get a decent rate. We have done people with a 540 score though.
  7. mickey

    mickey Guest

    I am a lender with Allied Mortgage and if you have good credit, you can sometimes qualify with really high ratios. I just did one at a 57%. There are also SAMS, shared equity loans. And also there are loans that you can get to minimize the first few years payments till you are making more money. I don't know what state you are in but look up in your state.
  8. Coala

    Coala Guest

    Do Morgage Companies look into ChexSystems or just credit reports? Who knows?

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