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mikeb said: "does a morgage go by score or what is in report i have a 571 score 1 bad thing in last year many things over 5 years what intrest rate might i get"
DonM said: "you shouldnt be too bad off. I had a Bk7, two repos, and 4 chargeoffs that were about 4 years old at the time I got my mortgage. I had the seller pay the maximum allowed for closing costs for me and I only had to front escrow taxes. I ended up getting 7.5% and I bought that rate down to 6.5% with a median score of 591."
rapidanian said: "Usually a lender will look at your middle score. Rates have gone up and some programs have changed. Many lenders are getting rid of the 580 score 80/20, the threshold is now 600. There are still some out there that are doing it though, but hard to tell what's gonna happen with this."
jrmoro said: "Normally if you have derogatory marks on your credit report, the company that you are working with will ask for an explanation on what went wrong.
Very often they will remove that derogatory mark before they summit it to the actual mortgage company. Unfortunately that doesn't actually remove the mark from the credit reporting company and it can give a false sense of relief thinging it was removed.
Many times if you work with a mortgage broker, you'll have a better change of a getting a better mortgage program that works best for you, not the lender. Shop around, educate yourself, and you'll save yourself a lot of money.
Most lenders will pull all three main credit reporting agencies to get a better picture of your past performance. Best of luck! J.R. :)"
jrmoro said: "Normally if you have derogatory marks on your credit report, the company that you are working with will ask for an explanation on what went wrong.
Very often they will remove that derogatory mark before they summit it to the actual mortgage company. Unfortunately that doesn't actually remove the mark from the credit reporting company and it can give a false sense of relief thinging it was removed.
Many times if you work with a mortgage broker, you'll have a better change of a getting a better mortgage program that works best for you, not the lender. Shop around, educate yourself, and you'll save yourself a lot of money.
Most lenders will pull all three main credit reporting agencies to get a better picture of your past performance. Best of luck! :)
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kevin said: "Most derog items are only taken into consideration if they have been currently reported within the last two years or if the unpaid balance is more than $2000. Most lenders will then require those items to be paid through closing/escrow. With a 571 FICO, depending on the loan to value ratio (Loan Amount/ Appraised Value), at 75% you're probably looking around 7.3%. However, if your high score is higher than 571, you are able to qualify for a lower rate depending who you go through"
sexione said: "We both have 3 credit scores over 640..not to bad but not good. He has 2 colections from 4 years ago paid and total they were 300.00 total. He has a repo from 6 years ago and that comes off in august, its paid. We are going to talk to loan officers within a week. He makes $16 an hr and I make a crappy $10 but I have only been at my job since september of 05 and he has been at his job for 5 years now but previouse to that I didnt have a job for 3 years because i was a stay at home mom. We have about 10,000 to put down but we would only like to use half of that. Do we have a chance?"
kevin said: "I'm guessing you're looking to buy a home. With a 640 FICO, you can qualify for 100% financing on a purchase. I would save the $10,000 and use it for verified assets. Have the seller pay the closing costs or have them wrapped into the loan. So essentially the only out-of-pocket cost to you, would be the appraisal for the home. With your husband's income, your DTI may be high..calculate all your credit card/auto minimum monthly payments divided by monthly gross income. If it exceeds 45-50%, you would have to go stated income which just means a higher rate by .6%."
sexione said: "[QUOTE=kevin]I'm guessing you're looking to buy a home. With a 640 FICO, you can qualify for 100% financing on a purchase. I would save the $10,000 and use it for verified assets. Have the seller pay the closing costs or have them wrapped into the loan. So essentially the only out-of-pocket cost to you, would be the appraisal for the home. With your husband's income, your DTI may be high..calculate all your credit card/auto minimum monthly payments divided by monthly gross income. If it exceeds 45-50%, you would have to go stated income which just means a higher rate by .6%.[/QUOTE]
what is DTI? I have 3,500 in credit card bills and he only has a car which has 13,000 left to pay. I know my cc are high but i also get 220 in child support but I will not use that to get a loan for the house. We will be paying down 200 a week starting this week. I always pay more than minumun and they each are below the limit. I have never been late on any of them for 3 years. The cc worry me. We have 3,000 to pay them but if I dont want too use it if I dont have too. Then i will have a ton of cc with no balance just sitting there and I dont want to close them because thats bad. We have an appoinment on thursday to speak with 3 mortgage places with our relator (close friend of the family) because she doesnt want them to pull our credit reports. I will post what they say for other peoples benefit."
94B10 said: "I believe DTI means Debt to Income Ratio."
kevin said: "If you are going to purchase a home, you need to have some money in the bank to show for assets. Most lenders look for 2 months of PITI which is basically 2 months of mortgage payments including taxes and insurance. So for example if your payments are going to be $1000, you need to have at least $2000 in a checking/savings account. Ask for an interest only loan, best bet for new home owners."
sexione said: "[QUOTE=kevin]If you are going to purchase a home, you need to have some money in the bank to show for assets. Most lenders look for 2 months of PITI which is basically 2 months of mortgage payments including taxes and insurance. So for example if your payments are going to be $1000, you need to have at least $2000 in a checking/savings account. Ask for an interest only loan, best bet for new home owners.[/QUOTE]
I have a 5,100.00 cd at my bank and 1,300.00 in my savings and I have a checking account. My fiance and I has 3,000.00 in cash which we will put in the savings before we go and have someone run our credit. We do not want an interest only loan. We were quoted 180,000 at 1,400.00 a month including assesment fees and everything. The town home we are looking at has no assesment fee so we shouls be at 1,200.00 monthly. They didnt seem to be concerned about the cc's."