Posted on: 20th May, 2010 04:40 pm
Just today My wife & I just filled a prequalifying form to the USDA office for Home loan. But I am worried Im not sure if they gonna grant us a loan because of of my bad credit. Twenty five yrs ago I filled bankcruptcy because i was not able to pay my medical bill for reason that i was laid off from work before. I am working 4 yrs now in the same company, & my wife is working 2 jobs, but we did not disclosed her fulltime job because she is paid in cash,only her partime job that we include in the form.
We are low wage income earner couple.
What is our chance in getting the loan?
At this point in time we really need a house because we are just living in aprtment & we just want something that we can call our own.
Is paying the apartment monthly rental can help build our credit? need answer
We are low wage income earner couple.
What is our chance in getting the loan?
At this point in time we really need a house because we are just living in aprtment & we just want something that we can call our own.
Is paying the apartment monthly rental can help build our credit? need answer
Hi maritchell!
Welcome to forums!
You haven't mentioned what your credit score is like. If you have a credit score of 620, you'll be able to qualify for a FHA loan. However, if you want a conventional loan, then you would require a score of 720.
Paying of the apartment dues will have a positive impact on your credit report. To know some steps to improve your credit score, check out the given page:
http://www.mortgagefit.com/credit-rating/credit-repair.html
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
You haven't mentioned what your credit score is like. If you have a credit score of 620, you'll be able to qualify for a FHA loan. However, if you want a conventional loan, then you would require a score of 720.
Paying of the apartment dues will have a positive impact on your credit report. To know some steps to improve your credit score, check out the given page:
http://www.mortgagefit.com/credit-rating/credit-repair.html
Feel free to ask if you've further queries.
Sussane
Hi,
As your credit score is not clear it is difficult to answer your question. However, sussane is right. If your credit score is 620 then you can apply for a FHA loan. If your credit score is less than 620 then I would suggest you to wait for sometime and try to improve your credit score then go for any loan. If your credit score is above 620 then you will get better options of loan like interest rate, down payment scheme, etc.
Feel free to ask if you have further queries.
As your credit score is not clear it is difficult to answer your question. However, sussane is right. If your credit score is 620 then you can apply for a FHA loan. If your credit score is less than 620 then I would suggest you to wait for sometime and try to improve your credit score then go for any loan. If your credit score is above 620 then you will get better options of loan like interest rate, down payment scheme, etc.
Feel free to ask if you have further queries.
Sorry that i did not mentioned my credit score its just that i just knew it lately from experian when i retrieved it from them the other day, anyway my credit score is only 572.
The USDA staff already told me that i need to wait like 6 mos to 1 yr to make my score eligible for loan. Its frustrating but its reality. Just need to wait til i can build up my credit first.
Thanks for your input, you are nice people here.
papamitch
The USDA staff already told me that i need to wait like 6 mos to 1 yr to make my score eligible for loan. Its frustrating but its reality. Just need to wait til i can build up my credit first.
Thanks for your input, you are nice people here.
papamitch