Posted on: 23rd Feb, 2008 07:09 pm
(Arkansas) I have a mid 500 FICO (all three), only one 30-day late on mortgage we've had for 13 years, but poor credit card "credit". Would like FHA for purchase, will have about 15-20% down...any hope? Doesn't have to be FHA, will consider anything I can afford. Also, have decent DTI. Am considering credit repair first. Thanks.
have you had a foreclosure in the last 3yrs?
have you had a BK 7 in the last 2yrs?
have you had a BK 13 in the last yr?
If the answers are 'no', then you 'may' be a candidate.
Have you been late in any credit debts in the last 12months?
If the answer is 'yes', then it may be a case by case approval.
Which means that you will need to apply to see if you can qualify.
If you have judgements, then they will all need to be paid.
have you had a BK 7 in the last 2yrs?
have you had a BK 13 in the last yr?
If the answers are 'no', then you 'may' be a candidate.
Have you been late in any credit debts in the last 12months?
If the answer is 'yes', then it may be a case by case approval.
Which means that you will need to apply to see if you can qualify.
If you have judgements, then they will all need to be paid.
No foreclosure, no BK ever...yes on being late in last 12 months. What would be the best way to go so I don't drop my score by applying for mortgage? Thanks!
FHA doesnt look at your score...but I would start with a broker or lender that has access to lots of FHA lenders. Most of the FHA lenders place credit score restrictions, and may deny you instantly.
It also depends on how many times you were late in the last 12months. Find a broker who has done FHA loans before AND that knows an FHA lender that does 'manual underwrites'. They may overlook your score with a large downpayment.
It also depends on how many times you were late in the last 12months. Find a broker who has done FHA loans before AND that knows an FHA lender that does 'manual underwrites'. They may overlook your score with a large downpayment.
I'm new to this site...do you know if there's a listing of brokers somewhere? Thanks!
Pay down on some of the credit cards and your credit score will increase. With 15 to 20% down you should be able to get into a home loan. Even if you need to wait a few more months due to this, it will be worth the wait.
Pay down on some of the credit cards and your credit score will increase. With 15 to 20% down you should be able to get into a home loan. Even if you need to wait a few more months due to this, it will be worth the wait.
I posted above but was not logged in.
I posted above but was not logged in.
http://www.mortgagefit.com/unitedstates/ will be a great place to look for a lender.
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Yes I think you are on the right track. You may qualify for different types of loans but the best offers will come along once you repair your credit. And you can do it yourself only. Take a look at the few steps to self-help credit repair .
However, it's good that you can afford 15-20% down payment. So, just wait for some more time and then look out for loan offers that suit your situation. FHA loan can be an option for you. And you can even qualify for it in the current situation.
What you can do is, talk to a few lenders in this community and see what they have to offer you as quotes. Depending upon this, you'll get an idea as to what you may qualify for. You may send us your request for mortgage quotes with the minimum details. The community shall send your request to the lenders and they shall contact you as soon as they find out that they have something to offer you depending upon your situation.
Good luck
However, it's good that you can afford 15-20% down payment. So, just wait for some more time and then look out for loan offers that suit your situation. FHA loan can be an option for you. And you can even qualify for it in the current situation.
What you can do is, talk to a few lenders in this community and see what they have to offer you as quotes. Depending upon this, you'll get an idea as to what you may qualify for. You may send us your request for mortgage quotes with the minimum details. The community shall send your request to the lenders and they shall contact you as soon as they find out that they have something to offer you depending upon your situation.
Good luck
scott's ad was removed
Are there any rehab lenders in Arkansas that work with investors? Please provide there name and phone numbers.
Thanks
Thanks
Hi Joseph,
I've sent pms to a few lenders in Arkansas. Let's wait for them to turn up and reply to your post.
Thanks,
Brian
I've sent pms to a few lenders in Arkansas. Let's wait for them to turn up and reply to your post.
Thanks,
Brian