My wife and I very much need to move soon, our landlord is selling the house that we are renting. We would like to buy a home rather than rent again. I have just begun the process of trying to clean up my credit. My wife's credit will not be used. We would like to get a mortgage for 100% financing and obviously prefer very minimal closing costs. We would want a loan approval up to about 130,000 but hopefully will be spending less than 100,000 on a home. My scores are listed below. My DTI should be quite good, I have a car loan of about 9000 and student loans of about 12000. I have about 2000 in credit card debt which I can pay down right now, that should bump my socre a little, I hope. I have some collections and one charge off on my record that I am trying to get off, but probably will not be able to do before I need a mortgage. Do you think it is possible for me to get a mortgage at all let alone the type I would like. BTW, I live in PA and salary in the mid 40's. Thanks for any help you can offer. Bac0n EXP - 578 EQU - 574 TU - 592
you should still be able to get 100% financing. it is going to depend on the following in the loan scenario Documentation Type Loan to Value = 100% CLTV Debt to Income Ratio = Property State = PA Property Type = Mid Score = 578 you would have to fill in the blanks. I am not however licensed in PA, but I know others from my company that are in PA that could help you. If you want email, I will be more than happy to give you their contact information. bbutala at alliedhomenet dot com AHMCC
