My credit scores are between 570-590 from past late payments on student loans. I since have a good credit history and income but I can not find a lender. I have read that FHA loans only require 580 scores but I can’t find any way to get a loan. Any suggestions will help. I need a mortgage now- I am under contract to buy a house on 2/26.
600,,,impossible especially when they see the online gambling you have been involved with…there is no way…
January 29th, 2010 at 6:29 pm
600,,,impossible especially when they see the online gambling you have been involved with…there is no way…
References :
January 29th, 2010 at 6:52 pm
You didn’t get preapproved before signing a contract? That was foolish. You may have to resort to a mortgage broker to see they can place you anywhere.
References :
January 29th, 2010 at 7:19 pm
Steve there are no lenders out there that I am aware of for your scores. It is not an FHA rule that stops you it has to do with the lenders FHA score card. See the investment world does not want your loan as persons with your scores are 4 times more likely to default on a payment and even the whole loan. That hurts the lenders score card and they cannot sell your loan on the secondary market either. You better get your scores up quick to make this happen. So the first thing to do is to pay the balances on any card to very little like $10 on each. Then get a letter from the card companies as to the new balance. Once that is done send it to your mortgage banker /loan officer and have the credit re scored. That takes 72 hours. The scores may come up enough for you to buy. Now you will need 2 scores over 620 to buy with an FHA secured note.
You should have been pre qualified to buy before any offer was made.
You may loose any ernest money you have on the contract if there was not a financing out
I am a mortgage banker in TN
References :
January 29th, 2010 at 7:56 pm
probably not anymore
you also need a lot of cash to buy a house (10-20+% of house price), so if you have the cash, pay off teh school loans first or you will never qualify for a loan anyway (debt to income ratio)
how you sign a contract without even checking to see if you CAN get a mortgage??? I hope you have a contingency clause that lets you get out of teh deal without losing any deposit money if you can’t get a mortgage
References :
January 29th, 2010 at 8:15 pm
Try Churchill Mortgage they are one of the few mortgage companies that don’t use the scoring system, I’ve heard they are good. I don’t have a phone number but you should be able to look them up online.
References :
January 29th, 2010 at 8:30 pm
Have your loan transferred within a fast durations in a reputable and legitimate lending service provider, where you can easily be granted a legitimate approval for that viable loan you are searching for to secure you ultimate plan for a life investment.
Interested and law abiding citizens are strictly beneficiaries of this fair offer and note all terms and conditions do apply.
Offer available at 0.6% interest rate
Contact email: totallymoneyloans@yahoo.com
for detail information of your loan transfer processing today!
References :
January 29th, 2010 at 9:20 pm
Lending standards are much tighter than a few years ago. I would check out any one of these to find a lender willing to work with you.
References :
http://www.lendingtree.com/mortgage-loans/
http://www.4mortgageratequotes.com/mortgage-form.html
https://www.quickenloans.com/home-loans/fha-loan
January 29th, 2010 at 9:57 pm
buildcredit.ifastnet.com – try this service to boost you credit score before getting loan. After credit repair you can get the loan with minimal interest rate.
References :