Go to _http://www.truecredit.com.For about $7 you can get all three of your credit scores and an up to date credit report. It won't count as an inquiry on you either. Take your score and your gross monthly income and call some mortgage brokers and ask for a loan through the my community program. They should know what you are talking about. If not inform them that it's a new fannie mae program for 1st time home buyers that allows for 100% financing and has flexible guidelines. Your interest rate should be in the 7's. This should be a 30 year fixed rate with no pre payment penalty. Best of luck to you and keep that credit clean!
I am Mr Peterson Chris.I am a legitimate loan lender who gives out loans at low interest rate of 3%.Are you finacially down?Do you want to pay your bills?Is your credit score low?If yes,then you are in need of a loan.I deal with only honest people who are really in need of this loan.If interested contact me today with the loan of loan you need so that my loan terms and condition will be forwarded to you.You are to mail me or contact me through this email email@example.com
Well if you were in bankruptcy 2 years ago, your credit score is still suffering. What is the rate on your car loan? If it's more than a 7 or 8 % interest rate, then you might not qualify for a great mortgage loan rate. Since the housing market is bad and the lenders are going under, I would expect that the loan you will get would be around 8 or so % with lots of closing costs, probably more than $8,000. I ran some figures at my firm and the system estimated your score at around 610 at a range of between 300-875. This equates to about a 9.0% loan at my firm, which, on a $200,000 mortgage loan, is $1,609.25 a month over 30 years! That doesn't even include the closing costs! If you had a better than average score, around 740 or so, you'd have a rate of about 5.975% and less closing costs, or $1,195.89 a month, a savings of $413.36 per month. Over the 30 year term, thats a $148,809.60 savings! Closing costs on the 9% high-risk loan (which is what we classify it as) are about $11,000, while the regular loan has closing costs of about $2,500. All of the figures stated above may differ when going to different banks, but generally represent the same model.I would suggest to continue to rent until your score improves. To help your score, I would suggest applying for one or two cards with no annual fee to improve your overall credit line usage. Then, cut them up when you get them so you are not tempted to use them. In about 8 years, your bankruptcy will be off your credit report and your score will improve greatly. Until then, do not try to get a mortgage.
Listen to The Dave and J Show. That is the best mortgage and real estate radio show out there. It is nice too cuz you can listen to them online or on iTunes too. Their website is www.daveandj.com and their email is firstname.lastname@example.org check it out and they can help you get what you want, especially when buying your first home. They go over every type of loan and how it can be good for you or bad for you and types of questions to ask you Loan Officer to make sure you get what you want and what you need. The are great!
Well since I an not a genie and can't predict what your credit score is, I suggest that you gather the following documents and either get a referal or call a mortgage broker out of your telephone book.#1 One month of pay stubs for each person that will be applying for this mortgage.#2 Six months bank statements and any statements from your 401k program#3 Two years of federal income tax along with the w-2sThis mortgage broker will complete a mortgage application run your credit report and get your credit scores.With the credit scores he will be able to determine the loan programs you are qualified for as well as the interest rate. The programs you are qualifeied for can be anywhere from 100% to 80%. This person will work with you no matter the credit, as he has many underwriters to underwrite for him.He will be able to tell you the approximate amount of money you will have to bring to the table as a down payment and closing cost. These amounts will be outlined on your Good Faith Estimate (GFE) make sure you get one. If there are any questions about this form, make sure he explains them to your satifaction.There are many first time home buyers programs in each community. Ask the mortgage broker about them. If he is unaware of the programs, don't be alarmed, call your city housing office or county housing office. They will be able to inform you of any and all first time home buyers programs available to you. Take this information back to your mortgage broker.If you are not pleased with the information he supplies to you, you can then find a credit repair company or continue what you are doing.If you are pleased find a real estate agent and find a house or what ever you are seeking.The real estate agent and mortgage broker will walk you through the rest of the process and close the deal on your new home.I hope this has been of some use to you, good luck."FIGHT ON"
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