Please help me get a mortgage, I’m desperate?

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Ive tried to get a mortgage since January. The mortgage company sent me for a month with a credit card I have to get a mortgage, as long as some shows. In early March I had a car by Ford Motor Credit and credit cards that I had two before. I paid all my bills on time, but my credit score is still 0th It shows on my credit report I paid, but there is no score. Can someone please help me I’ve waited patiently to get a house, but I can not even without a score. I work at a car dealership and you bring to 20,000 per year without my commission is between $ 500 and $ 800 a month, I can not say directly to a loan account, but I have enough money to pay my bills. I want a house that 65,000 homes WV is 3,000 to put myself at home and closing costs are paid. If I do not go through the housing WV I do not want to put something. Someone please give me a suggestion that I tried almost everything.
I live in WV. My husband and I bought a house on January 08th is my concern. The mortgage company we went through tells us that the assessment was erroneous because they are in a flood zone (which is impossible when the river rose to 150 feet off a cliff after a journey through a person another farm 300 + feet) set. We do not pay insurance against floods, but have on the price of the house in the long term? I mean, the expert would have a smaller value of our house just because they thought he was in a flood zone and has not been resolved? And because it is not in a flood zone, we would still have to pay for flood certification and life certification fee loan to the conclusion that you have? Thank you in advance for the answers, I just found my opinion to have to look more thoroughly, he would. Because they are using two houses of comparison due to the “house of the object in a flood zone” was used. But we are not, for example, people from FEMA, we are not and we do not pay insurance.

9 Comments
  1. Reply
    John Harris
    January 28, 2011 at 7:22 am

    856 751-1256

    Stu will get you a mortgage

  2. Reply
    Uh huh, go on I'm listening
    January 28, 2011 at 7:56 am

    Everyone has a credit score… If you have credit, be it good or bad, you have a score.
    Have you looked at your own credit report? you should. It will not be a “zero”, not possible. Your car, credit cards, whatever else will be on there, therefore giving you a score.
    Spend the 45-50 bucks, go to….
    myfico.com
    you’ll get an accurate credit report with score and history.

  3. Reply
    Talisman
    January 28, 2011 at 8:29 am

    You cannot have a credit score of “zero”. Your FICO score can only be between 300 and 900. It is almost impossible to get a 300, since most creditors aren’t foolish enough to keep lending to a bad risk.

    Before attempting to secure a mortgage, it couldn’t hurt to sit down with a CPA or a CFP (Certified Financial Planner). These individuals can look at your situation and tell you whether or not a mortgage is right for you. Sometimes, it is actually superior to continue to rent for a little while – especially in situations when you might be considering an “Interest Only Loan”.

    Predatory lending got our country into a financial mess. Bankers and homeowners alike sometimes regret the fact that loans were made to people that got into a mortgage too soon. Your suggestion that you don’t want to put anything down may be one of the warning signs that you’re not quite ready to purchase a home yet.

    In many cases, people with less than 20% equity in their home end up paying an additional Payment Mortgage Insurance (PMI). Do you want to pay that too?

    I would see if I could rent the home first, and I wouldn’t be afraid to make use of government programs that might help me get into a home. Many lenders now require people to attend a homeowner’s class – often taught by government reps, that could be very useful to you.

  4. Reply
    liveinaustin
    January 28, 2011 at 9:07 am

    No offense meant, but it sounds like you should take some time to get yourself better prepared for a purchase. No money, no credit….you’re bound to understand in our current financial times why a lender isn’t’ beating your door down to give you a loan. Look around you and ask yourself if all these foreclosures in your town / state were not purchased by other buyers who were also desperate. You don’t really want to go there do you?

  5. Reply
    Donald D
    January 28, 2011 at 9:48 am

    Go to a reputable mortgage broker. Credit scores can be created by using letters from you creditors of the consistency of your payments. And don’t for get to get the same from the utility company and the landlord. Don’t go into debt to create a credit score because your qualification for a loan will also be based on your debt to income ratios. I believe that is around 38% debt to income. The higher the percentage the less amount will be offered to you. Sounds like you have a great deal be persistant and don’t give up some loan people are lazy and won’t explore this avenue. Just keep moving until you find the right guy or gal.

  6. Reply
    Ed Atun
    January 28, 2011 at 10:21 am

    You haven’t tried everything. You never should have gotten a credit card just so you didn’t have a 0 credit score. WHoever told you that ……
    I got my first credit card at age 50. I bought lots of houses. The lenders have learned an important lesson from the recent credit crisis. Having ZERO credit is excellent credit. It means that you have not screwed up your credit which is wonderful. THey gave me the loans based on my utility bills and my rent receipts. That is the definition of “good credit”. You pay your bills on time.
    You have a double whammy , tho. You are self-employed (a commissioned salesman is every mortgage company’s nightmare – I know because i am one). And you don’t really make very much money.
    Here is what i want you to do. You need to find the cash to buy this house. 2 weeks or 2 years after you buy the house, banks will be lining up to give you a loan. THey always do. So how do you get $ 65,000 cash. You ask everyone you know. And you offer them 10% interest. A savings account at the local bank pays me 1%. I loaned out $ 63,000 to a young couple at 5.9% interest and i’m happy to be making more than the 1% from the bank. They pay me every month on time. Just like you will. If you can’t find a family member or neighbor to do it, check your paper for a “hard money” lender. He will loan you $ 65,000 today but the rate is 18% interest. He knows you will be panicked to get his loan paid off. Don’t rush too much. It sounds high but you will own a house and it’s worth it. Then the same mortgage company that made you get a credit card will mysteriously be begging you to get a loan. I guarantee it. Get to work.

  7. Reply
    Richard R
    January 28, 2011 at 11:01 am

    LOOK UP AND CALL TRANS UNION CREDIT AND THEY CAN HELP WITH SCORE I BELIEVE YOU WILL HAVE TO PAY BILLS FOR AT LEAST 6 MONTHS ALSO CALL YOUR CREDITERS AND MAKE SURE THEY REPORT YOUR PAYMENT HISTORY

  8. Reply
    Dawni Do Right
    January 28, 2011 at 11:26 am

    The flood cert fee is just a junk fee most all lenders charge for looking up FEMA flood maps to see if a property is in a flood zone & what classification for insurance. The maps are available online for free at FEMA. Why lenders still charge for this I have no idea. Your insurance company also should have been in the loop about this or not & caught the error.

    It’s too late now to worry about your appraisal value if you have already closed on your home. You can look on your appraisal & see if the appraiser made any adjustments in value for that fact. I don’t think they do, but I am not an appraiser. Also, the appraiser should have been able to tell when they went out to do the appraisal of what the likelyhood would be of a flood, especially if they are familiar with the area & have done appraisals in that neighborhood before.

    If you haven’t yet closed, again, check on the appraisal & see if an adjustment was made for this. If so and it makes a difference for your loan, have it changed.

    Yes, you still have to pay the flood cert fee. Flood Life Of Loan Certification Fee makes no sense to me. If your home isn’t in a flood zone now, why would anyone need to certify that for the remainder of your loan & charge a fee for it? If it’s not a lot of money, I wouldn’t worry. It’s it’s a couple hundred bucks, I’d try disputing it.

  9. Reply
    Bill
    January 28, 2011 at 12:13 pm

    Flood data, along with census tract data, 9 digit zip codes, and MSAs are downloaded through one or another service directly into an appraisal report form through most appraisal software, after the appraiser verifies the property location on an online map. A flood zone finding should result in a double check unless the appraiser has extensive knowledge of the area or prior warning from the client.

    Adjustments for flood zone properties may not be apparent. When possible, the appraiser will select comparables similarly affected, obviating the need to establish an adjustment value, as the market will already have done so.

    EDIT:

    If your market recognizes a value difference between similar properties based solely on their location relative to a flood zone, then it’s possible that mistakenly using one or more flood-zoned comps in appraising your property could have had a depressive affect on the value opinion. Only someone with knowledge of your area could offer a firm judgment.

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