Is it possible to obtain a mortgage with a low credit score?

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My husband and I both have bad credit scores … its bad b / c, we discovered that her mother had stolen her social security number and used it since he was little. Mine is bad b / c I was desperate to pay his studies, but I could not pay everything back and it went downhill, but it would be home on behalf of my husband and me is not gehen . Unsere following situation: We pay $ 500 per month for rent and do not understand why we did not get a loan to fund us because we worked no problem paying this amount with only my husband now. If we have this house we b / c we live closer to downtown would be where I would be able to get a job on foot (I have no car and my husband found our only means of transport for his work). I called the lender and she said that the only way we can to get funding if you had a credit rating of the 620th city in which we live is selling very very unlimited number of houses (for the moment. .. 5) if there is a certain amount of land to build a house on … but we could not afford to be in the situation. The lender said the only other option for us is to be financed, the bank that they would look in our loan and would be a certain amount for a deposit and we have only $ 1500 for b / c if we here we went to get a $ euthanized 1000, had this house and pay rent of $ 500 for utilities in our name put b / c the downtowns in the largest amount of the owner .. . the cops should know ist.Ich if there are opportunities for us … We live in Iowa … or is there any grants that can help us …. I look up subsidies tried but I do not know that a real service to the site credible. Please help, because we want our family in a house, we can calculate our own call to starten.Der agents, what would our payments to insurance taxes and the property is $ 500 to $ 517 werdenWir months his mother has taken to court and all they had to pay was $ 1,000 and he does not give us gehenUnd we have already contacted Social Security, they said they would do their own investigation. .. but still no return for us and a few months ago … my friend said they probably just put aside. .. IDK? If you are NOT YOUR help, so you really do not meet the United States! I WANT to know how a house with our credit rating will now receive a reply and say if you say the same shit everyone else … I’m tired of always the same thing over and over VA. Obviously, it should be anyway because there are people out there in worse situations than the U.S. and yet, they can get financing for a home.

  1. Reply
    Steve D
    April 29, 2011 at 10:16 pm

    There are no grants available unless your state offers first time home buyers’ assistance (call the state housing authority and ask). Additionally, that $ 1,500 is not nearly enough to buy and close on a house. Even if you qualified for a mortgage (as the woman said, 620 is the bare minimum needed unless you go FHA which needs completely clean credit for two years), you will have to make a minimum down payment of 3.5% (FHA) unless you are in a rural area (which means outside the city) and can qualify for a USDA zero down mortgage. Add to the down payment about 5% closing costs, so if you are looking at a $ 75,000 house, you will need about $ 7,500 in cash (assuming FHA loan).

    You need to start seriously saving money if you want to buy a house – my suggestion would be to take the next two years, save as much as you can and clean up both credit reports as much as possible.

  2. Reply
    April 29, 2011 at 10:53 pm

    Low credit is not going to fly in this economy.

    And $ 500 bucks a month won’t pay for a cracker box without a huge downpayment and a great rate.

    To say nothing of considering Taxes, insurance, upkeep. in that $ 500.

    IMHO, save some cash, pay some bills and wait a few years.

  3. Reply
    April 29, 2011 at 11:46 pm

    Fix the ID theft.
    Get a book on the subject.
    It will tell you how to dispute the item and what to send, and how to put his mom in jail for this.
    It will be 100% removed from all three of his credit reports.

    New regulations require that if a couple is married they look at both person’s credit reports.
    Even if your name is not on the mortgage, your reports will still be judged.

  4. Reply
    April 30, 2011 at 12:19 am

    If your husband is a victim of identity theft, then he needs to file a report — that’s the only way to start solving this problem. Obviously, anything purchased prior to him being 18 would be invalid… the rest would have to undergo a thorough investigation.

    No, you aren’t going to get a mortgage if his score is way below 620. It honestly does not sound like you can afford to purchase a home right now. In addition to your monthly mortgage payment of principle and interest, you also have property taxes and insurance, and pmi (since you’ll be putting less than 20% down). Insurance, taxes, and pmi can raise your monthly payment by a few hundred dollars (depending on your actual cost of all these items). Plus, with a home, you’re responsible for all repairs and maintenance. What are you going to do if the entire roof needs replaced a year after you purchase the home? Will you have that 8k available? Lots of things can go wrong with a house, and you have to have the money to pay for these items.

    Is there anywhere closer to town that you can rent? At least where it would be walking distance, on a public transportation route, or within a distance you could ride a bike too… another option is for you and your husband to carpool into town so that you can both work.

    I would suggest that you and your husband both work on getting your credit scores higher… and saving more prior to purchasing a home. I know it’s frustrating when you’re tired of renting, but you don’t want to find yourself in a much worse situation 12 months from now. Local lenders and real estate agents will know if there are any special home-buyers programs in your area. You can also look at your state’s website and your county’s website for accurate information. Good luck to you.

  5. Reply
    April 30, 2011 at 12:51 am

    Your options are to increase your credit scores, have a sizeable downpayment and have two incomes. The days of getting approved for a mortgage with your scenario are HISTORY. From what you state, your financial situation is not very solid. You won’t find a mortgage until you ARE ‘solid’. Sorry, but that is the way it is.

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