Can someone with a less than perfect credit history get a home loan today January 23, 2008?
Eric L asked:
My wife and I were married in August 2007. First off, according to my WaMu online statement page I have a 678 credit score based upon Bancard Industry FICO. My credit history isn’t that great. I had a car repo’d in 1998. That judgment has since fallen off my credit report. I finished school in 2001 and started my job in 2002. I have been with my company for 5 years 3 mos. and make about $42K a year. I was delinquent on bill paying in the past but have not been late or missed a payment since 2002. My wife and I have 4 credit cards and 2 car loans. We also have IRAs 401(k)s and some funds in a CD. My wife has been employed with her company since 2004. She makes about $45k. We aren’t sure what her credit score is but we know that when she bought her car in 2005, it was a 664. We both have student loans. According to the “How much can we afford calculators”, we should be able to get about $200k for a house. Based upon our credit, what do you think is more realistic in todays market? Thanks
Link to Blog: Valuations
My wife and I were married in August 2007. First off, according to my WaMu online statement page I have a 678 credit score based upon Bancard Industry FICO. My credit history isn’t that great. I had a car repo’d in 1998. That judgment has since fallen off my credit report. I finished school in 2001 and started my job in 2002. I have been with my company for 5 years 3 mos. and make about $42K a year. I was delinquent on bill paying in the past but have not been late or missed a payment since 2002. My wife and I have 4 credit cards and 2 car loans. We also have IRAs 401(k)s and some funds in a CD. My wife has been employed with her company since 2004. She makes about $45k. We aren’t sure what her credit score is but we know that when she bought her car in 2005, it was a 664. We both have student loans. According to the “How much can we afford calculators”, we should be able to get about $200k for a house. Based upon our credit, what do you think is more realistic in todays market? Thanks
Link to Blog: Valuations
June 28th, 2009 in
Renting & Real Estate | tags: 401 K, Calculators, Car Loans, Car Repo, Credit Cards, Iras, Market Thanks, Perfect Credit, Student Loans, Wamu Online
Link to Blog: Investing
I think 200000 is right on…
Link to Blog: Investing
do you have anything saved? how much equity can you put down? tba
Link to Blog: Mortgages
NOPE!!!
Link to Blog: Lending and Borrowing
Maybe
Link to Blog: Investing
I think you should have no problem getting a loan. But I would make sure you will be able to pay for a mortgage with all of your other loans
Link to Blog: Consolidating Your Debts
I’m 22 and my husband is 23 we have a baby, two autos and he has $10,000 in student loans. My credit score is similar to yours. and his is a little lower. Because the sub prime market lenders are about to go under I would recommend you get in on one and apply with your name and your wife’s. Also, the best way to get approved for a loan is build a new home with a developer. I would recommend Republic or First place bank. They gave us a loan based on me closing out a collection on my credit report, and we can afford it the interest rate is 5.25% fixed on a $126,000 home. Also check into the Nehemiah Progran for downpayment asistance it is free and you pay $200 to your lender to do the program. Also, keep in mind closing costs can roll into the price of a loan if you file for and FHA loan. Here are some sites you can check out. I recommend the nehemiah website.
Link to Blog: Health Insurance Cover
I think what is realistic is the fact that you should be able to find affordable, comfortable housing in a good-to-great school system, and still be able to afford the payments.
Try notching it down a bit to about 150K, no matter what another Loan Officer would tell you.
I always like to tell my clients to make sure there’s room…for what you say?
Another child, a sickness, a job loss, etc. Anything can happen, or not happen. But the key is being prepared for it either way. That’s the definition of secure.
With your scores, you should have no problem finding a place to call home.
Good Luck, relax, and GIT if you have an other detailed questions.