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Search: "Scores"

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Asked 06/04/2009 09:55 am CT (Asheville, NC)

I have scores of 513, 560, and 548. I am currently trying to clean up the CB scores and expect this to improve somewhat. My husband has 568, 580, and 598. We have an income of 76,000 per year, i have been employed 2 years, him 1 and a half. We have had no late payments this year. We have only student loans as debt, but its about 50,000 between the two of us, the payments around 345 between us per month. We have a landlord willing to write a letter that we have been on time every month, can show statements of our electric, phone, and cell bills, all current for the past year. We have a down payment of 3500, and we have closing costs. We want to buy a house in our neighborhood for 158,000. any chance we can do this PRIOR to the end of the year???

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Yes, but you need to get your scores at or above 620. Credit score standards have become more stric...

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Asked 01/18/2009 09:17 am CT (Bloomington, IL)

My wife and I will finish school in May and then plan to move back to the area where we grew up. We would like to buy a home as soon as we return to the area. The problem is that even if we are fortunate enough to find jobs, we have been told there will be a few hang ups. Apparently the best case scenario (assuming employment) is that we could get into a home a month or so after being back when are able to prove employment/income level with a paystub. We have also been told that a possible situation is that we will be on probation with our new jobs. Because we have to disclose this to the lending agency, this will prevent us from getting a loan until the probabtionary period ends. The loophole to all of this, as I am told, is to use our parents as cosigners, which they are willing to do. Additional information: All parties have good to excellent credit scores and there would be a down payment of at least 10% So the questions are: if we use our parents as cosigners can they come off the loan/title without us having to refinance? If no, will the cost to refinance be such that we are better waiting 4-6 months after returning when we can buy the home on our on, keeping in mind we have to pay rent on a place till then. If we use a cosigner will that prevent us from getting our lowest possible interest rate? If we use a cosigner and disclose to the lender that we plan to remove the cosigner as soon as we can will that prevent us from getting our lowest possible rate. Additional information: All parties have good to excellent credit scores and a down payment of at least 10%

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Hi Chad, As long as you and your wife have jobs you willl not have a problem getting a mortgage p...

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Asked 01/07/2009 08:28 am CT (Hempstead, NY)

I want to buy a home and all my credit scores are above 750 and I own a business. Problem is, even though i make enough, I do not have all the proper documentations to prove all of my income. I also saved up about 17000 as a down payment. My question is, can i still get approved in this economy for a home loan with what I have? And if so, who is best to turn to? I am Twenty seven yrs old

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Hi Angela! Congrats on yoru business and being financially disciplined to save up the money. T...

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Asked 11/16/2008 01:35 pm CT (Seattle, WA)

I would like to build an Auxarilly Dwelling Unit on my parents property. Zoning laws permit this in my negighboor which is zone for muti family residences. Can I obtain financing for the project without a lien or 2nd mortage place on my parent property. My fico scores are above 750 and one is above 800. I want total responsibility for the loan

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It completely depends on the amount your parents owe on their property compared to what it is worth....

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Asked 11/12/2008 12:27 pm CT (Tulsa, OK)

My wife and I are looking to buy a house. Our monthly gross income is $5,000 a month. Currently our debt to income ratio is around 19%. We have $10,000 dollars to put down and both have credit scores over 650 mine being closer to 700.We have also both been on the job for 2 plus years. What are the chances of us being able to get a home loan for $140,000 dollars?

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Asked 11/05/2008 01:08 pm CT (Bend, OR)

My father-in-law died 2 1/2 years ago. He was a widower. There may or may not have been a will... a mystery. The payments have been kept current but my in-laws have never notified the mortgage company. Their credit scores are horrible at best. What could happen if they can't qualify for a loan? What happens about the last 2 1/2 years will there be a penalty if the did qualify? What should their first step be?

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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 04/17/2008 10:20 pm CT (Louisville, KY)

My husband & I would like to purchase our 1st home. I have a middle FICO score of 556 & my husband's is 585. We are having difficulty finding a lender to approve us for a loan due to our low credit scores & I took 10 months off work last year to care for our child. Are there any lenders out there who will consider a 556 score? We do have some collections on our credit report. We make roughly $50,000 a year & are hoping to buy a home for $132,000 We also have 20% down in the form of gift funds from my father. Does anyone out there know a lender who will approve us with our credit scores & collections on our report? Thank you in advance for any help or advice.

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Asked 03/10/2008 03:17 pm CT (Waleska, GA)

We are trying to refi our existing mort. Original truth and lending forms were received and returned 1/28/2008. Due to delays on appraisal, insurance verification, 2nd appraisal due to error on original, all at no fault of our own, we are now being charged for a rate lock extention. We have signed and returned all requested forms and or docs with-in same day. There is no way we're at any fault for the need of extention. Should we be liable for this fee? Our credit scores are in the high 700's.

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If it's truly no fault of your own, I'd politely request the broker/lender do the right thing and ea...

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Asked 02/24/2008 05:25 am CT (Thomasville, GA)

I have tried, unsuccessfully, to find someone to refinance my 2001 Homestead 16x80 mobile home. It is financed through Greentree with a variable interest rate (presently 14.625). Greentree will not refinance nor will they consider financing for anyone wanting to purchase this home. I tried to sell it but found that, due to the amount owed on it (roughly $27,000)it makes more sense to buy a new home than to buy this one. I have a good tenant living in it who wants to buy it herself but her credit is poor. I have a chapter 7 bankruptcy which was discharged in November 2005. My fico scores are right under 600. I am desperate to find someone to refinance this home on a fixed interest rate so that the payment will be more affordable and predictable. The current payment is $374.89 and she must also pay $150.00 lot rent. If the payment continues to rise, I will lose my tenant. No one seems willing to take a chance on refinancing for me although I have a good job I have been working for 6 years, with a decent salary (appx. $35,000/yr). I just got a promotion and will be moving in the next week or so to start my new job. I would love to get this mobile home refinanced (or financed for my tenant) before I go. Does anyone know of a mortgage company who would refinance for me?

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Ask your neighbors. Find out which lenders are financing all the other mobile homes and then approac...

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Asked 02/19/2008 06:29 pm CT (saraland, AL)

my wife and i are looking to buy our first home and our credit scores are just below 600. i have recently been discharged from a chapter 13 and have no debt at all. my wife has kept a clean nose for a year now with no late payments and have never been late on the mobile home we are financing now (with only 10,000 left owing).our income together is 85k. what options due we have during this credit crunch we keep hearing about? can my wife alone finance without me on the loan?

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Rick, it is possible for your wife to obtain a home loan without you on the loan providing she can q...

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Asked 02/17/2008 06:03 pm CT (Bloomington, IN)

I am currently renting a nice townhouse and my lease ends the last day of May, 2008. I am looking to buy a house but have less than good credit. My scores are 575, 610 and 641. Do I have any chance of getting a 100% financed home loan? I have been at the same job for 6 years and make 41K/year. I live in Indiana and am really looking for an expert to help me out. Thanks!

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Hi Teresa, 100% financing generally starts at 620 fico...you're pretty close - perhaps we can give y...

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Asked 02/12/2008 09:27 am CT (sewell, NJ)

My husband and I would like to purchase a house. I have a recent bankrupcy so he will have to do the mortage by himself. His credit scores are not great 556,562,570 . Would a mortage of about 170K be possible with these numbers? we are looking into a FHA loan or similar with a very low down payment

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Asked 02/08/2008 01:40 pm CT (Ann Arbor Area, MI)

My ex & I finalized divorce in March 2007. I have been the sole income and paid both the primary and secondary mortgage. The Lawyers sprung Liens on the property in court without prior knowledge or resulting adverse effects. The money was available to pay the lawyers and ex off. However the credit union and title company interepretted the liens as primary, and wanted a suborndiation agreement. The subornination agreement was finalized after the market plunged, and mortgage applicaton expired. No equity left in the home as there are foundation repairs. The ex was to issue a quit claim deed, but never did. I have made all payments. Under advisement with the courts to refinance, however my credit fell as I attempted to refinance and get loans, causing the loan to value and credit scores not to align. My lawyer won't lift the lien. Question: What are the creative options for me to remove my ex from the title and deed. I cannot refinance, and the foundation is needing repair.

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Asked 02/08/2008 07:53 am CT (Brainerd, MN)

Hello, Me and my fiance have horrible credit (below 500). We want to purchase a home but obviously cant with our scores. What I want to know is there a point where you can put down enough of a down payment to where your credit score doesnt matter anymore? (example putting 50% down)

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It may be possible to obtain an FHA loan if you have alternative trade lines of credit with a 12 mon...

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Asked 01/24/2008 03:04 am CT (paramus, NJ)

When we purchased our first home we were able to get a 3yr arm at 4.25 interest rate however the arm is up in april of 2008. It will go up to 6.25 for 12months if we do not refinance which is likely at this point because of poor credit scores due to loss of employment on my end. My husband's scores are in the 540s and I'm in the 630's. I would like to know if the bank can refuse to retain us when the arm expires bsed on history of late payments and poor credit scores. I am now employed and will gross 80k annually.

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You should sit down with someone and put all cards on the table. Your credit report and mortgage hi...

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Asked 01/09/2008 08:22 pm CT (Graylsake, IL)

What percentage down is needed to purchase a house and not have to use credit scores or is that even possible? Would you then just need income verification? My husband and I both have poor credit but a huge inheritance fund and would like to get into another home of our home.

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Depending on the loan size and if you can qualify for a government loan, credit score does not matte...

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Asked 12/02/2007 12:21 am CT (LITHONIA, GA)

11/18/2007] MY CREDIT SCORES ARE 595, 547, AND 554. I FILED FOR CHAPTER 7 IN JAN OF 07. I HAVE A DEFAULT STUDENT LOAN (CURRENTLY PAYING A YEAR AND A HALF WITH A GARNISHMENT OF $450 A MONTH)AND $850 ( I DON\\\'T KNOW IF PAYING IT WILL HELP AT THIS POINT) WORTH OF STATE TAXES SINCE 1998. I MAKE ABOUT 47,000 A YEAR. CAN I GET A MORTGAGE LOAN.(FIXED RATE WITH LOW INTEREST NO MONEY DOWN) [PFP, LITHONIA GA]

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Asked 11/28/2007 12:45 pm CT (vacaviile, CA)

We have 3 properties, 2 rentals and occupy the third. We have no late pymts and our credit scores are good (700+). The loans on all homes are still in the 2yr prepayment period, but considering to refi anyways due to the mortgages becoming too much for us. How will trying to refinance all loans at one time affect us (credit sdcores, lenders, etc)? Or is it better trying to refi only one home at a time, and doing the others later?

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Cade, I concur with the suggestion of doing all three at the same time...you should also ask the len...

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Asked 11/18/2007 06:36 pm CT (LITHONIA, GA)

MY CREDIT SCORES ARE 595, 547, AND 554. I FILED FOR CHAPTER 7 IN JAN OF 07. I HAVE A DEFAULT STUDENT LOAN (CURRENTLY PAYING A YEAR AND A HALF WITH A GARNISHMENT OF $450 A MONTH)AND $850 ( I DON\\\'T KNOW IF PAYING IT WILL HELP AT THIS POINT) WORTH OF STATE TAXES SINCE 1998. I MAKE ABOUT 47,000 A YEAR. CAN I GET A MORTGAGE LOAN.(FIXED RATE WITH LOW INTEREST NO MONEY DOWN)

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