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Has anyone gotten a loan for a house if you credit is less than desirable?
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Tany
Becoming a different woman
Member since 5/05 24460 total posts
Name:
Tania
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Has anyone gotten a loan for a house if you credit is less than desirable?
Just curious and how do you go about it.
Message edited 5/18/2005 6:47:18 PM.
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Posted 5/18/05 6:26 PM  |
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Erica
LIF Adult
Member since 5/05 11767 total posts
Name:
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Re: Has anyone gotten a loan for a house if you credit is less than desirable?
how bad is your credit?
680 and over is considered good and no problem...(when you get into the 700s you are rewarded with better interest rates)
I was shocked that DH was over 680 since he does not have a credit history...he never wanted credit cards (which is good for not having debt, but not good for his creidt score) so I convinced him to get one a few years ago...and I guess that was enough to boost him up over 680
in the upper 500s and low 600s I believe that is the limit for getting a decent mortgage...
you may want to look into a mortgage broker...you will pay a little extra for their services...but they have more resources to look for a loan for your situation...
good luck
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| Posted 5/19/05 10:52 AM |
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Jenn1621
<3
Member since 5/05 1728 total posts
Name:
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Re: Has anyone gotten a loan for a house if you credit is less than desirable?
Yes you can get a loan. I am dealing with right now since my credit is being mixed up with my x-sister inlaw (we have the same first middle & last name) all of her "bad" credit came on to mine. It takes a very long time to fix so I am going to get the loan I need fix everything and in a year hopefully after all is fixed I will refinance. I was just offered a loan at 6.75% which is above prime, but it is called a government loan and I need to have I believe they said PMI, which is insurance on the loan I am taking with the bank. This way if I ever were to default on the loan the insurance will then pay off the bank. I think the insurance I was quoted was an extra 130.00 on to my payment. I don't know if I will be accepting this loan bc they are doing it as a mortgage and that was not what I personally was looking for. I wanted a line of credit but yes it can be done. If you want the number to the guy I am using I will be more than happy to FM it to you.
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| Posted 5/19/05 11:05 AM |
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beautyq115
New Year!
Member since 5/05 13729 total posts
Name:
Me
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Re: Has anyone gotten a loan for a house if you credit is less than desirable?
You may be able to but your interest rate will probably be high. HOw is your DH's credit??
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| Posted 5/19/05 12:41 PM |
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