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Budgeting your expenditures

i need a home loan and we have bad credit

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goodnatured

Joined: 03 Nov 2007
goodnatured's page
Posts: 4007

1224 Magic Points

Sun Nov 08, 2009 4:40 pm

As you were advised above, you will want to take the time to build up your credit before you apply for a loan, too many times people in your situation will be taken advantage of, beware of those offering a loan at ridiculous rates.

andyth

Joined: 03 Oct 2009
andyth's page
Posts: 21

0 Magic Points

Mon Nov 09, 2009 2:25 pm

for FHA loan the credit score required will be 600+ and for conventional home loan 740+.

These are the standards but there are some loacl lenders who can provide you the expected loan.

I think you should contact local lenders they might help you.

Bye the way please clarify your location, so that anyone in forum may help you to find out local lenders who can fulfill your loan demands.

summersgsagivens@yahoo.co
Guest

Subject: questions about fha loan

Wed Nov 11, 2009 6:30 pm

My husband and I have credit scores over 630 can we qualify for 100% financing with a fha loan?

marcusandila

Joined: 27 Oct 2009
marcusandila's page
Posts: 148

3025 Magic Points

Thu Nov 19, 2009 1:13 am

FHA never finances 100%. they require a minimum downpayment of 3%

Doc

Doc

Joined: 02 Dec 2008
Doc's page
Posts: 203
Location: McKinney, TX

954 Magic Points

Thu Nov 19, 2009 12:57 pm

Different lenders can do loans at different scores, but the rates vary greatly... The minimum on FHA right now is 620, but it's likely to go up after the first of the year...
_________________
-Doc Compton, Omega Credit Repair
I provide info for free, & all I ask is that you visit my site... I don't wanna sell you anything, I just wanna increase my traffic, and push my site up in the search engine rankings...
http://www.omegacreditrepair.com

fireyone

Joined: 26 Feb 2008
fireyone's page
Posts: 4500

8812 Magic Points

Thu Nov 19, 2009 4:11 pm

Three percent really is not a lot to put down depending on the price. That too me seems to be on the low side. I have yet to see a lender finance a home 100%. There is a big risk to themselves doing this.

marcusandila

Joined: 27 Oct 2009
marcusandila's page
Posts: 148

3025 Magic Points

Fri Nov 20, 2009 5:29 pm

when i financed my first house 2 years ago, i got 100% financing [not FHA though]. In the current real estate market though/the economy, I think 100% financing is a long shot for anyone like you said fireyone.

I was just talking to my grandma and apparently it was on the news that MORE foreclosures are projected over the next 2 years due to balloon mortgages going up & people losing jobs and not being able to afford the higher payments.

It is scary...

Archie

Joined: 09 Nov 2009
Archie's page
Posts: 38

2 Magic Points

Sun Nov 22, 2009 12:32 pm

what is your credit score ?
also want to know your location.......

marcusandila

Joined: 27 Oct 2009
marcusandila's page
Posts: 148

3025 Magic Points

Tue Nov 24, 2009 5:52 am

archie,
who are you talking to?

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