Tax credits?

This topic contains 13 replies, has 1 voice, and was last updated by  Anonymous 7 years, 10 months ago.

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  • #414434

    Anonymous

    Anything lower than 620 is low. You need 720 or higher to get the best rates.

  • #414435

    Anonymous

    A score under 640 is going to make it more difficult, the higher the score the better interest rate and terms you will get.

  • #414436

    Anonymous

    To insure a good rate you need to be in the upper 600’s… to reserve an EXCELLENT rate.. the upper 700’s…

    What I would do is to go this website, and get all 3 credit reports at once, then go down the credit report and dispute anything you think is in error with the credit agency that is showing the erroneous mark..

    Housekeeping can make your FICO score go up 20-50 points, because I know, I’ve done it….

  • #414437

    Anonymous

    Go to your local bank and speak to the mortgage people there. My husband and I went to United Bank and Trust, neither of us have the best credit scores, but we ended up getting a government housing loan. Good luck to you

  • #414438

    Anonymous

    There aren’t any since the sub-prime mortgage industry took a dive.. You’d need a co-signer to go on with you.

  • #414439

    Anonymous

    May I offer some unsolicited advice? Don’t take out a mortgage if there’s any possibility of it being a struggle. It really isn’t worth the anguish – it’s a huge debt, and lenders are not sympathetic if you are overcommitted. Please think very carefully first. Thank you.

  • #414440

    Anonymous

    not going to happen if you are in the US. You know about the sub-prime mortgage crisis right? Anyways, it’s a terrible idea to get a mortgage on low credit. they really rip you off. Just keep renting until you can get your credit score higher and save up at least a 20% down payment.

  • #414441

    Anonymous

    There aren’t any. Even people with good credit scores have a problem finding a mortgage to day, but since the sub-prime market melted down, the lenders just are no longer lending to sub-standard credit or to good credit, either.

  • #414442

    Anonymous

    If I was to look for that kind of information I would go to bankrate.com. That’s a popular, recommended website that is updated daily and gives good guidance on a wide range of financial matters, current rates, etc. Bankrate.com will focus mainly on institutions that have a track record and/or are known in the industry. But that said, keep in mind that darn near all of the lenders – even the ones we typically think of as reputable – are known to have turned their heads and put on blinders in the way they approved loans over these past years, and these same reputable lenders are now paying the price of their misdeeds.

  • #414443

    Anonymous

    Good luck. If your credit is that bad the only way to get a loan would be plenty of money down and a very very stable job making much more money than your payment. Might have to buy a 2 brdm condo instead of a 4 brdm house you wanted but hey if you can get a loan do it. Pay it back on time every month. That way in a couple years you can go out and buy what you want!

    ….Or pay people’s mortgages through rent every month and never create any equity and own something…..

    If you can’t get a loan. Apply for a credit card for people with bad credit. Use it for say gas every month and pay it every month on time(in full would be best since the interest rates would hurt) Then every 6mo-1yr ask for a credit increase and then in a few years apply for a loan again.

    Also check your credit history often and correct what you can! That means repaying hospital bills,ect.

  • #414444

    Anonymous

    You’ll want to work with a large, direct lender so you can be absolutely sure you are approved. Direct lenders lend their own money and can give you full approval before you find a house.

    Also, ask about FHA – the guidelines are more flexible with regards to income and credit.

  • #414445

    Anonymous

    Here is the problem….You may be able to get a loan, but you will pay a very high interest rate because of being a high credit risk! I think this is one of the reason why they’re is a major problem with subprime loans! To many banks and financial instituition gave out loans to party’s not in a good financial status!

  • #414446

    Anonymous

    If you have a low credit score because you have outstanding debt, you first need to clear that up. A mortgage (depending upon the size) is enough to deal with without worrying about how your going to pay it AND everybody else. I know it’s hard to believe, but there are people out there who are debt-free.

    If you’re renting, pay your rent a day or two before it’s due. A year or two of this, plus a good downpayment should qualify you for a mortgage with anyone who does manual underwriting, and doesn’t depend solely on a credit score to determine lending.

  • #199439

    Anonymous

    I’ve read a lot about how the tax credits influenced the real estate statistics.,* Well, I bought my Orange County home in 2009 when there was up to $8,000 in tax credits for first time home buyers, which phased down to nothing if your income was over $90,000.* What with home prices and the income required to get a loan, I pretty much have a hard time believing that ANY first time single family* home buyer, and MOST first time condo buyers*in Orange County was much influenced by the credit.

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