Not good. Your best bet is for your fiancee to apply for a house he/she can afford with whatever debt he/she has. If you apply with him/her, the lender will use your score and the mortgage will not only have a higher rate, but higher PMI (lender insurance) and possibly a 2 or more year pre-payment penalty. You will be stuck either way--you keep a loan you don't want or you pay the penalty which will eat up some of the equity that you can't afford to lose. His/her score is high enough that he/she might be able to apply for a NINA (no income-no asset) loan-- the income or the assets are not verified. He/she will state on the application what they make whether the income is inflated or not depends on the applicant. BUT.....the income that he/she states he/she makes has to be within reason--like a cashier in a grocery store states that he/she makes $5000.00 a month will be sent back but a registered nurse may very well make that kind of money or more. If the income is stated just right, with the 720 score, you can buy the house, the mortgage will only be in one name but both of you will be on the deed. For the next few weeks after the house is bought--the low score needs to be improved--pay the collections, bring any accounts current and try to verify by your records that the payments the lender shows weren't paid, were paid. If nothing else, catch up any past due account and start paying these on time. In 3 months time, the scores will start going up. In 6 months the score should definitly be higher. In a year, if you want, you can refinance the mortgage and apply together. If you are not married, and to show that the other person has been paying on the mortgage--you both need to send in your own checks-1/2 pmt each. Then the one not on the mortgage, can show 12 cancelled checks sent on time (or 12 bank statements with the same amount taken out every month on time) when needed to add to his/her credit when applying for a loan or mortgage.
FICO score for mortgageDepends on your definition of "good". You can get a mortgage with 686 score. FICO score over 720 will get you the best mortgage rate.
Currently, it is tough to get a mortgage even with very good credit. 730 is about average so a score close to 800 has a good chance of getting approved.
A good interest rate on a mortgage in 2014 is 4.2 percent. This varies greatly depending on the type of mortgage and the credit score of the applicant.
In order to get a mortgage with CCJS they would need to meet specific qualifications. They would need to have a good employment history and a good credit score.
In order to get a good rate on a second mortgage, one would have to be on top of payments, or have the first mortgage paid. The next step would be ensuring that one has a good credit score.
Having a good credit score is important for getting cheap mortgage rates. One can request their own credit score and show it to potential lenders; this is superior to having lenders request one's credit score, which can affect the score.
This is dependent on other contextual factors such as employment and geographic location, but with an average credit score a mortgage rate can be about 6%. A good credit score will have lower.
Sure, it just won't be at a very good interest rate.
It is not a good idea for one to apply for a mortgage loan if they have bad credit. If one goes to a bank or financial institution for a loan, a mortgage specialist will advise them that they will need to increase their score in order to be approved for a mortgage. One can increase their score by making payments on time, paying off old debts and not applying for new loans.
You should find a good Mortgage Broker, they have access to more mortgage options than a bank does. Check the National Association of Mortgage Brokers for information on you local state chapter. Call around!
For a good mortgage interest rate, one needs to be aware of their credit score and their own financial situation. Asking one's lender for the total cost can help a lot too.
Well i got s 5 per cent mortgage with less than that, so its pretty good
You need to go to a Subprime lender. Not sure if they can help you with 500 credit score though. Good Luck!
a good man or woman
More than likely, you will be able to qualify for an FHA with 3.5% down. They don't focus much on your score versus other items such as your income which seems pretty decent. Good luck.
I believe the likelihood is very good - your credit score is very good and your income in good - it also depends on how much debt you have - like credit cards etc....
Mortgage refinancing is not a good idea when you have had your mortgage for a long period of time.
From what I understand, you need at least 620 to obtain mortgage insurance and brokers generally won't close without the insurance if you're trying to purchase a home. The confusing part is FHA approvals are for those with a score of 580+ so why isn't mortgage insurance offered at that point?
it means you should be eligible for a mortgage loan of up to but not limited to 100K as long as your monthly income is in good standing.
Generally, you are old enough to have a mortgage when you have an income, have a year or two of history in paying rent to someone other than your parents, and have a good credit score (you need 2-3 trades paid on time).
I want to buy a 420,000 home I have 200,000 to put down my three scores are 480, 510, and 520. Will I be able to purchase this home and get g good rate mortgage. thanks johnny
Right now mortgage interest rates are incredibly low. Depending on your credit score, income, and debt load, you could qualify for a rate as low as 3.279% for a $200,000 loan.
No, you cannot get a mortgage with 0 down with a credit score that low. Sorry Yes you actually can. Under certain government loan programs you can get a 0 down mortgage with a low credit score. For instance I had a middle score of 525 and applied for a VA loan, which requires 0 down payment. I had to write a letter to the underwriter with a very good explanation as to why my score was so low. The underwriter contacted the VA and learned that they could approve the loan if they felt I had extenuating circumstances and was a good credit risk despite my low scores. I was approved for the loan with a good interist rate. So it can be done it just requires convincing the underwriter you are a good risk. Actually there are several ways that you can. The most popular is using an FHA loan coupled with a DPA (down payment asst. program). The money never needs to be repaid and you can qualify with a score as low as 550. You must verify income though.
It would be a subprime loan, which means it is less than good credit. If you were to purchase the home your interest rate would be much higher than prime credit. It will usually be 2-4 percentage points higher. If your credit score was 750+, your rate may be 6.5% or 7% with something between 550-575, you may get a rate of 9%-12%. At 7% monthly mortgage payment on $100,000 = about $665.30 At 10% monthly mortgage payment on $100,000 = about $877.57. Therefore you could be paying 212.57 more a month for your lower credit score. That would equal $76,417.20 over the life of a 30 year mortgage. Make sure that you raise your credit score as soon as possible and refinance your mortgage as soon as you get a higher credit score. Good luck! Henry
Generally, FHA credit score requirement is 620-640, and 660 for a conventional loan, so yes. The rest depends on your income, debt to income ratio, and down payment.