Can I get a mortgage with a credit score 585?

Deal Score0

I look forward to my fathers house in my name, he left me and my credit score is not in good terms? Over the last 2 years I paid my debt to everyone, so I do not owe anything, but there are 2 problems.1 I need to open loans or credit cards only witch card from Macy’s and still in progress and they have just moved my limit of $ 200 to $ 2000. 2 – I gotta try before many loans and credit cards and has recently sought to improve my credit card, but now I refused so many questions? So I do not know if I will not be able to get a mortgage? But I do not know if the mortgage company will not have a problem, he refinanced in my name because my father has disappeared? Please do let me know if anyone has an idea? I am 27yrs old I f / t work in the same job for 4 years and make $ 40K per year. I live in MassachusettsIch no pension or bankruptcy or judgments. Simply load compromise are only $ 40K in the mortgage market and their value at $ 150K-$ 200K, so I’m looking forward to a new mortgage in my name or the refinancing of existing mortgage to get my name?
I plan in my house for 10 years to stay on (at least). I am currently about 2.5 years at a fixed rate mortgage of 30 years, $ 200K mortgage at 6.625%. I have a major additional payment of $ 300 per month, so my current main is to think of these 190K.Ich, refinancing years@5.125 30. I want to make a point and closing costs of about $ 4,500 (unfortunately I’m in Massachusetts) that I could also apply a credit facility of approximately 194.5K (or I could pay the closing costs in cash) to finanzieren.Wie do I know if I keep my existing mortgage and pay $ 300 per month (or more) additional capital, refinance only, or renew and pay the additional capital (which allowed me to even pay over $ 300 with further payment below)? are there any benefits to pay for closing cash relative to their funding? into a new mortgage that is confusing. The comments, in which direction mortgage rates may be in the coming months? (I know. Lol Stupid question.)

6 Comments
  1. Reply
    Luis Moreno
    April 29, 2011 at 9:27 pm

    No lol it the current mortgage company can’t put it your name do to your credit score if thats your fico score then im sorry but you wont get accepted. A good fico score is 700 and up because anything below 700 its very risky to lenders.

  2. Reply
    This1timeinbndcmp
    April 29, 2011 at 10:13 pm

    Ha! Yeah right…Banks are getting too smart now in days. They will probably tell u to come back when your credit score it 700. But, Assets and cash reserves do make a difference, but your payment history is also a consideration. They do sort of care about your history. Even looking back into your payment history and fixing something can save you tons. Good Luck!

  3. Reply
    still in shock !!!
    April 29, 2011 at 10:24 pm

    id check with you’re local credit union they may be able to give you advise, try a cosigner

  4. Reply
    Rebecca
    April 29, 2011 at 10:24 pm

    If you have a 100K equity then go talk to the bank about switching it to your name. It may or may not work for you but the ONLY thing to save you is the equity becaue your scores are to bad to get a loan.

    Other than that talk to a credit union because with a bank a 40K mortgage simply is not worth their time. Other than that a personal loan may be your only choice. TALK TO THE BANK or you could just keep paying the mortgage that is there until the 40 K is paid off. That is really not good advice to give you but that may be your ONLY option without having to sell the property and pay the mortgage. They want payments and on time really.

  5. Reply
    src50
    April 29, 2011 at 10:39 pm

    It is confusing. Using on-line “mortgage calculators” can help you game out various loan scenarios. With rates so low now, have you considered refinancing to a 15-year fixed rate loan? You’re paying extra every month now anyway.

  6. Reply
    Buju
    April 29, 2011 at 11:05 pm

    Refinancing and paying more on the principal would be a great option.
    You can even do a 15 year mortgage.
    Keep this up and your house may be paid off in the next 10 years.
    If you can pay your closing out right then do it, if not let it be finance in, it would not hurt you in any way.

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