My credit score is 649, my wife’s is in the toilet…400’s, would I qualify for a home loan?
admin | Mar 17, 2010 | Comments 12
I know the market is bad, but is there anyone who will finance us in the las vegas area? What if my wife is not on the loan? This will be our first home. We were looking for something with no money down, or at least an estimate of how much we need to save up. Has anyone out there bought a home with a worse score and no money down? or know of any honest lenders out there now-a-days?
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Filed Under: No Qualifying Loan
The only loan that you could apply for would be from an FHA lender. Your wife cannot be on the loan as her credit is so bad. But you will not be able to use her income either.
This link should help. Good Luck
http://credit.about.com/od/toughcreditissues/qt/creditmarriage.htm
Home loans for bad credit are for people who find it difficult to get loan facilities due to poor credit ratings. However, people with bad credit may have to deal with several difficulties at times and they also pay slightly higher interest rates for the loans. One of the best ways to increase your chances of getting a home mortgage loan if you have poor credit is by improving your credit history. Besides, you can get in touch with some good sub prime lenders who may be able to assist you in getting the best deal in getting such loans.
http://www.worldbestloans.com/homeloans.htm
There are many reasons why anyone can get a negative credit history, which includes overspending and lack of proper financial planning. Many of us fall into a debt trap owing to excessive use of credit cards, which can sometimes put a strain on financial resources and result in late payments. These last payments impact on our credit scores.You can improve this situation by prioritizing your needs well and set some money aside, which can be used to clear off your debts on time.
As a current consumer credit analyst in the banking field I would recommend that you build your credit first.To be honest with
you, you would be shooting your self in the foot to buy a home now:
- Bad credit (forget about your fico – focus on what is actaully on your credit reports) will cause you to have a HIGHER
Interest rate on your mortgage.
- No down payment will require you to have private mortgae insurance which is as added cost
- As your credit isn’t the best I can assume some unexpected things occured in the past. So keep in mind if
You don’t put a down payment down you will have little to no equity. If things take a turn for the worst
Finacially you want to have the option to draw money from your equity or refinance. Many banks have a minimum
Amount of equity the require (percentage wise) before they will refinance. So
Consider falling home values if you buy a home nothing down you may ende up owing more than the property is worth
In a matter of months. Visit cyberhomes.com – key in the address of one of your friends home and see how the value has changed in the past
6 months!
If you still want to proceed and purchase now:
1) Bankrate.com: learn about mortgages and what to do in your situation.
2 Get a copy of all 3 main credit reports. You can go to the Equifax website – on
First page there is a link to the government mandated free credit report site. Keep in
Mind it doesn give you your score. The main focus is the infor mation not the score. You want your total debt on all credit cards to be less that 30% of you and your wife’s
Annual income. Rule of thumb – non subprime lenders will finance 3x your total annual income. So if
Together you make 80k a year: 80K x 3= 240K home. But what a 240K home will
Have a mortgage payment of about 2300 each month( about 1% of the loan value- includes tax and home insurance).
4) Pay down your debt, and have balances on 5 or less credit cards. No inquires on your
Credit report either – so don’t apply for anything. When you apply for a mortgage with diffrent
Companies do it all in a 14 day window to lessen the affect of the inquires.
I hope all this helpsM I truely wish you the best!
Esquire | aka Mr 1914 pbs
Ps: sorry abou the spelling and typos, I wrote all this on my phone.
creditreport.imess.net – try this service to boost you credit score before getting loan. After credit repair you can get the loan with minimal interest rate.
I am Roland leary i was in need of a loan of $100 000 USD and was scammed by those fraudulent lenders and a friend introduce me to Mr Erivan Jonker and he lend me the loan without any stress,you can contact him at( erivanjonkerfirm_lender@yahoo.com )please call my name that Roland sent you to him
Hello,
my name is Richard i am from USA i was looking for a loan so i was searching for a good lender i saw a testimony which says that erivan help me with a loan that we should contact him that he will help us with a loan so i said i should try and i tried him to my greatest surprise he help me with a loan so please erivan jonker loan company is the best,if you are looking for a loan go now and collect us.
here is the Email..(erivanjonkerfirm_lender@yahoo.com)
Recenlty my friend got home loan of 500000$ for 25 years on 1.5% which should be paid annually my friend doesnt have good credit his credit score is below 500 but still he got loan.
I asked him how you got ?
He told me while i was searching on internet for Home loan with Bad credit he found a site which contains about 8 links for bad credit so i checked all of them one by one .
go to
Dixiloan.com
Then Go to “Home Loan”
Note each link contain different interest rates and repayment period.
Take Care
Bye!
I am Marian John i was in need of a loan of $100 000 USD and was scammed by those fraudulent lenders and a friend introduce me to Mr Erivan Jonker and he lend me the loan without any stress,you can contact him at( erivanjonkerfirm_lender@yahoo.com )please call my name that Roland sent you to him
Hello, I am Peggy Whitney from Texas in US, I saw your question on how you need loan,I got mine from standard loan firm a month ago with monthly repayment schedule and interest rate of 4% no credit check no cosigner if you know you can pay back as at when due then I will advise you to contact them they can help you here is the email standard_loanfirm@live.com
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