Posted on: 25th May, 2007 01:49 pm
we have got a lease purchase contract for a condo and will be renting it for coming 5 months, some part of the rent we will be paying will go towards purchase price or the closing costs. we are getting the purchase for for $190,000. this option will be of help to save for the down payment so did we thought and can afford $10,000 towards it, in these 5 months we also are looking to increase our scores, my husband's as of now is 682 and mine at 716. this year our income should go up to $72,000 as per the plans. target for the next 3 months would be pay down the chase card on which we owe something close to $6000, which is the only one cc debt we have but have some student loans which are deferment up to 2011. should we do some other things also to increase our scores? what mortgage will be good for us? and any first time buyer program that we will fit into?
Hi Galbraith,
It is good that you are putting so much effort to improve your score.
However you can also look at some loan options which can be possible with reasonable credit scores like fha loans.
These loans have very low down payment requirement which you would be able to afford.
It is good that you are putting so much effort to improve your score.
However you can also look at some loan options which can be possible with reasonable credit scores like fha loans.
These loans have very low down payment requirement which you would be able to afford.
"this year our income should go up to $72,000 as per the plans."
You are projecting that your income would go up to $72,000 but it cannot be considered as you are still not earning that amount. Lenders will look into your present salary, past income to determine if you would qualify for the loan.
Miller
You are projecting that your income would go up to $72,000 but it cannot be considered as you are still not earning that amount. Lenders will look into your present salary, past income to determine if you would qualify for the loan.
Miller
Hi Sisla,
I feel you did not need to anything to increase your score. Just try to keep making your debt payments in regular interval of time.
I personally say your credit score is good and you can get mortgage at low rates. There as so many loan programs for the first time home buyer. It's better if you can contact lenders and collect quote. You can also request quote of this community. We have numbers of lenders in our community and I am sure you get some good loan option with reasonable mortgage rate.
Thanks
I feel you did not need to anything to increase your score. Just try to keep making your debt payments in regular interval of time.
I personally say your credit score is good and you can get mortgage at low rates. There as so many loan programs for the first time home buyer. It's better if you can contact lenders and collect quote. You can also request quote of this community. We have numbers of lenders in our community and I am sure you get some good loan option with reasonable mortgage rate.
Thanks