Home Loans page 2

Should I include my student loans in a home refinance?

Morgage Loan with no closing costs and no PMI?

How do i access the Credit bureau india information for knowing my defaults list?

How will the decrease in home loan interest rate help the realty sector?

Best place to get a home loan with bad credit?

When looking at a home loan how does interest rate differ from APR?

If my credit score is 700, may I get The lowest APR for a home loan?

what is APR as it relates to home loans?

Low Interest Home Equity Loan?

My scores are all 560 or a few points give or take. I'm wondering where we could get a home loan at in WV? Also can we use my score and the hubby's income? Thnks wow...you are rude

I hate to say it, but you're not going to have much luck getting a loan with that score. Plus if you take into account the issues with the mortgage meltdown, it's just not likely. I would commit 1 year towards improving your credit and get up near the 680 fico score mark. That's about the minimum score you need to get approved and you should work on saving some money for a down payment as this could also improve your chances of getting a mortgage. The source I left below gives you a step by step guide on how you could improve your score/credit. The website also tells you how you can work on "pay for delete" deals with collections, and several other helpful information about credit improvement. The sooner you improve your credit, the sooner you could get that mortgage. All in all you're only about 100 points away, while it sounds like a lot, you may be surprised how quickly you could see improvements. It doesn't happen overnight, but 1 good year could get you where you need to be if you do everything right. Sorry I have to tell you bad news, but hopefully you take my advice and you're in your new home this time next year. Best of luck

with the new trend in lending it will not happen few of years ago no problem that is why we are in the mess

You are married right? FHA mortgages, and other major lenders do not look at scores - just a point I had to make. They will view all your reports in detail and make their own decisisons. When you get turned down, then they just point to the score instead of explaining everything to you. Since you are married, they will demand both you to sign in on the contract. They will require to see all of your reports and both your w-2 and tax returns. No longer do banks allow one person in a marrriage to buy a home - both persons credit will be taken into consideration. /

Yes, you should be able to include house hold income when applying for the mortgage on your own, Humm, I agree with Judy on one point, Lenders will look at your overall credit profile in order to make a decision, there really isn't a minimum credit score, but with A SUB-620, you're going to likely need to do a lot of explaining if you have some defaults and charge-offs, I disagree that any lender will FORCE both of you to put your names on the mortgage, there could be valid reasons you don't want the other spouse on the note, unless you are in a community property state in that case, it would not matter, Good luck,

No. You need to raise your credit score. It's not about income anymore. It's about risk.

I agree with Joe. You need to raise your credit score in order to obtain a mortgage with a decent interest rate. 3 years ago when I bought my house I was told that the lowest FICO score for a mortgage was 620. ALOT has happened since then so I'm sure the score needed is much higher. Focus on repairing your credit, it CAN be done. To add, I have raised my FICO score 97 points in less than 3 months by disputing old accounts, getting secured credit cards, etc. So it can be done in a relatively short time. Good luck to you :)

None of the banks I've worked for would even look at scores under 620 for any type of loan. I think you're gonna need some time to get some bad history off your credit.

While Judy is correct that some lenders don't look at score alone, you need to consider that a score that low likely means you have some pretty serious credit problems. Some states and some lenders will require both of you to be on the loan. Especially if you are using the income of that person to try to qualify. You need to fix the problems with your credit before you apply for any loan. Sub prime loans are the reason for the disastrous economy so you will probably have an extremely tough time.

Apply for a joint mortgage with your hubby since he has an income. Bank should consider the merit and necessity for each case. They should not change their lending practises too rigidly.