Posted on: 30th Oct, 2009 01:45 pm
We currently own a very expensive home with high mortgage payments and are selling it to get into a better financial position. If we downsize quite a bit and buy a much lower priced home with a house payment comparable to renting, we would rather do that than to waste the money on rent. Is it possible to buy a house with sub 620 scores if we have a co-signer with excellent credit?
Thanks,
LB
Thanks,
LB
scarbel, there are apparently quite a few lenders who will consider your case without the need for a cosigner. i've seen, just today, a post from a lender (don't remember who) indicating scores as low as 500 are acceptable.
it would seem that by downsizing, you'd be setting yourselves up for success rather than failure, so i should think you'd find someone who can help you with this.
it would seem that by downsizing, you'd be setting yourselves up for success rather than failure, so i should think you'd find someone who can help you with this.
I agree! Taking control of your situation is the best thing to do! You should live in your home not for your home and yes there are a few options out there for sub 620 fico's. Good luck with your process!
N. Peter
Voyage home loans
N. Peter
Voyage home loans
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Getting a loan with a FICO lower then 620 means higher interest rates and loan fees. I suggest, if you can, sell the house and rent for a little while while you're looking for your new place. After the house is sold, use some of your profit to eliminate unsecured debt. That'll result in a wonderful boost to your FICO scores, enabling you to receive the lowest interest rates and loan fees, without a co-signer.
Several years ago my ex-wife had a 524 FICO, refinanced her condo with a FHA-insured mortgage, paid off all her credit cards and car with some of the cash out, and 30 days later her FICO was 622.
Several years ago my ex-wife had a 524 FICO, refinanced her condo with a FHA-insured mortgage, paid off all her credit cards and car with some of the cash out, and 30 days later her FICO was 622.
Scarbel,
Email me or give me a call. I can lend down to a 550 credit score through my Portfolio FHA product on purchase transactiions.
Email me or give me a call. I can lend down to a 550 credit score through my Portfolio FHA product on purchase transactiions.
ted that's a specific request for business that is far better handled by way of a private message or a quick message to the original poster.
it'd be nice to eliminate solicitations entirely, which clearly is hard to do; and advertising as well, but if we can keep the solicitations a little more private, that's going to be a benefit to the site altogether. thanks.
it'd be nice to eliminate solicitations entirely, which clearly is hard to do; and advertising as well, but if we can keep the solicitations a little more private, that's going to be a benefit to the site altogether. thanks.