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Search: "Credit history"

 
 

Asked 10/29/2008 10:56 pm CT (New Orleans, LA)

Hi! I am new to the whole mortage game.. My Husband And I are trying to purchase our first home. We are very low income, however we have the ability to put down at least $20,000. He has had steady employment history for the past 2 years but he has ABSOLUTELY No credit history. I have gathered four sources of alternative payment history for a 12mo. period with no late fees (entergy bill, car insurance, phone, and a hospital insurance policy on our oldest son) I was employed with the same company for over two years but have been unemployed since I left the clinic I worked in to stay at home with our premature newborn..whom is now 8 mo.'s old. I have credit, however it is very low at this time due to the last statement mentioned. I am in the process of paying all my debts off. My mid score is 520 at the time :( We applied for an FHA Loan and an Urban Development but we where turned down due to my husbands change in employment (although it was for the better monetary wise) and for no savings are proof of alternative payment. My Husbands monthly income is $1920.00. Our only monthly bill is 250 for car insurance and 263.15 for 7 more months for our eldest sons tuition. The home we are trying to purchase is $129,900.00 with seller to pay $4,000.00 in closing costs. ANY advice etc. would be greatly appreciated.

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Lauren, it is possible to to be approved for a loan if you have no credit. The situation has to be t...

[ Total Answers: 1 ]

 
 

Asked 07/09/2008 04:59 pm CT (Huntington, WV)

I recently was approved for a VA home loan. When the paper work went to the underwritter I was required to write several letters. 1 explaining why I filed bankrupcy in 2002 2nd since I was retired What I was going to do to be sure I pay my bills on time/live within my means on a fixed income 3rd What I have learned from past derogatory credit history that will help me continue to make payments on time. Then they requested 3 months of bank statements on how I spent my money. According to the Veteran Admin website they should only hold bankrupcy against you if it is 2 years or less. My credit scores were in the 600's highist 658. They approved the intial loan application. But when the underwriter got it it was everyday want a letter treating me as a little kid. This company only does VA loans Can they do this? make you write letters, explain and prove how you spend your money?

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Asked 10/04/2007 09:59 am CT (Newport News, VA)

My husband and I are listed on the deed for our rental property in Virginia. I'm in the Air Force. We currently live in Maryland. We have had two mortages on the house both in my name only because of his poor credit history. I refinanced last year while we lived in California and did not have to have his signature on any of the paperwork. I may need to refinance again this year. Does Virginia law or Maryland law require that I get his signature on the closing documents?

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Asked 04/25/2007 03:39 am CT (manchester, British Columbia)

Hi, whilst I was at university I got myself into debt. Although I’m no longer in debt I do however have a very bad credit history. I’m unable to get even a credit card. I went to see my bank recently to find out if I can get a mortgage and was told I could only get 55k max. I have seen a property I really want to buy for investment only but it is over 90k. I live with my parent so I’ve never owned property. I don’t know who to turn to for a mortgage. Can you please advice which mortgage lenders I could speak to? Thanks

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Asked 04/09/2007 11:45 am CT (Bethany, OK)

I live in a 2 and 1/2 year old home with 1,50,000.00 dollars mortgage remaining to pay off. Current market value of the home is around 2,50,000.00 for a 2600 square feet home. Our yearly gross income is 85,000.00 dollars. Our personal property value is about 75,000.00 and 401k value is 80,000.00. Our Credit history is excellent. We do not have to pay any other payments other than utility bills. Can I rent this home and buy another home? If I can, for how much we can qualify for? Or are there any other options available? AV

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You would need to speak with a lender in your area, but it sounds like you should have no problem qu...

[ Total Answers: 1 ]

 
 

Asked 03/01/2007 09:10 am CT (new york, NY)

can someone get a loan has no credit history but owns a busniess and, is willing to put 100,000

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Absolutley. Are you a first time homebuyer? There are programs for this scenario. Home much is the h...

[ Total Answers: 1 ]

 
 

Asked 07/13/2006 07:38 pm CT (Pocahontas, AR)

I had a house in pocahontas and i was number one and he was number two on the bank loan. we divorced and i done a quitclaim deed. I recieved my credit history in the mail and it still shows that i still have a loan for the house. Well my ex husband is about to let the house be foreclosed on. do i have any rights to the house to try to keep it from being on my credit history as a foreclosure or maybe can i take up payments on the house since the loan is still in my name too.

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Hi Heather, You still have an obligation to the loan. Although you have quit-claimed the propert...

[ Total Answers: 1 ]