HOW mortgage?

Deal Score0

Husband and I have credit problems in the past, but I make about 40,000.00 a year and it is 30,000 and we now want to get a mortgage, the loan is so slow. But I need a reality check, I need to fix my first loan, or if you think I could still get a loan, especially since no one buy it now. I’m just looking for a loan, the avarage 100,000.00 house, where I live. Thank you!

  1. Reply
    real estate guy
    April 29, 2011 at 10:46 pm

    in order to buy a house, you need a credit score of AT LEAST 620 and no judgements, etc.

    There are loan programs with 3.5% down (FHA) or 0% down (USDA). Plus you need around 3% for closing costs, but the seller can pay this if you can get them to pay it.

    I would talk with a lender FIRST. Have them pull the credit report and see what the issues are. FIX THEM and then have the lender request a rapid rescore. This may work or help to get the score up.

  2. Reply
    April 29, 2011 at 11:21 pm

    go to or another mortgage website and go to calculators and it will tell you the amount of loan you can afford.
    You can also check your credit with one or all three of the credit bureaus and see how bad your credit rating is. Less than 650 and you will have a hard time getting a low interest loan.
    You can get loans with a bad credit rating, but the interest will be higher. To buy a house you will need at least 3.5% down cash for FHA loan programs. Talk to a good mortgage loan officer from like Bank of America or Prosperity, and they can council you for free.

  3. Reply
    April 29, 2011 at 11:23 pm

    One reason few are buying is that loans are hard to get. You can forget it if you have bad credit, you need to fix that.

    The economy will stay bad as long as we have Obummer trying his best to ruin us. So, you have some time.

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